Karapetyan's family has notified RA state bodies about starting an investment dispute

The Republic of Armenia has been notified of the investment dispute in connection with the actions taken against the businessman, philanthropist Samvel Karapetyan and the company "Hayastani Elektrischen Zyrets". "Tashir" group of companies issued a statement about that today. The announcement states that the notification of the investment dispute is of a warning nature. This official notification was sent by Samvel Karapetyan and his family members to the state authorities of the Republic of Armenia. It is based on the 1995 Agreement between Armenia and Cyprus. on the investment promotion and protection agreement signed on January 18. It is noted that this agreement gives investors the opportunity to apply for international arbitration in case of violation of their rights by the state. Such processes have a negative impact on the investment attractiveness of the country. In the statement published by the "Tashir" group of companies, it is mentioned that the Karapetyan family makes demands due to the Prime Minister's campaign against Samvel Karapetyan and his business. "First of all, Armenian state officials did not provide fair and equal treatment, as well as full protection and security for the Karapetyan family and their investments in Armenia. Secondly, in violation of the agreement, the RA state bodies are taking steps to establish control over HEP, which is equivalent to confiscation of investments. If the relevant bodies continue to violate their obligations under the agreement and international law, Armenia will face international arbitration proceedings and the obligation to pay full compensation as a result," the statement said. In the notice, the shareholders claim that the actions of the RA officials are arbitrary, discriminatory, politically motivated and aimed at depriving the Karapetyan family of their property through the HEC. According to the shareholders, these actions violate the 1995 a number of obligations assumed by the agreement signed between Armenia and Cyprus on January 18, which the state must fulfill.