Former CEO warns of ENA collapse without Samvel Karapetyan's support

At a press conference on Wednesday, David Ghazinyan, former acting CEO of the Electric Networks of Armenia (ENA), warned that the company risks collapse without ongoing financial support from its owner, businessman Samvel Karapetyan.

Ghazinyan revealed that since 2015, Karapetyan has injected an additional 11.6 billion drams into ENA beyond the salary fund allocated by the Public Services Regulatory Commission (PSRC).

“If the company operated strictly within the PSRC’s wage fund, it would lead to staff cuts or reduced salaries,” he said.

According to Ghazinyan, Karapetyan has every right to stop covering the extra costs but has refrained from doing so to protect skilled employees from layoffs, prevent ENA’s collapse and avoid actions that could be interpreted as punishment of managers or authorities.