Ex-CEO: Samvel Karapetyan and Serzh Sargsyan saved Armenia's electric utility

David Ghazinyan, former acting CEO of the Electric Networks of Armenia (ENA), has addressed ex-President Serzh Sargsyan’s recent statement that he personally asked businessman Samvel Karapetyan to acquire the company.

“To his credit, the third president openly acknowledged it, since there had been many speculations,” Ghazinyan told a press conference on Wednesday.

He stated that ENA was on the brink of collapse at the time.

“As I said before, the authorities saved ENA," Ghazinyan remarked. "The company had only two or three months left before going bankrupt. Samvel Karapetyan agreed to shoulder the burden, fully aware of its weight, and, given his close ties with the authorities, stepped in to save the company.”

He emphasized that ENA’s bankruptcy would have delivered a heavy blow to Armenia’s economy.

“In fact, Samvel Karapetyan saved ENA together with the third president. The situation was extremely dire and I say this as an insider,” Ghazinyan added.