HETC Clarifies the Appointment Process of the Company’s Director of Economics and Finance

‘Electric Networks of Armenia’ CJSC has responded to the statement made by lawyer Tigran Hayrapetyan of Tashir Capital, regarding claims that interim manager Romanos Petrosyan appointed Armen Shahnazaryan as the Director of Economics and Finance in violation of procedures.

The company asserts that these claims are untrue. HETC states that Armen Shahnazaryan's appointment was made in accordance with the law and in compliance with the conditions of the existing license.

According to the company, certain previous decisions referenced in the statement are no longer valid and cannot be applied under the new regulatory framework.

HETC also emphasizes that to date, the regulatory body has not established new criteria for leadership positions, thus there can be no violations. Moreover, it is highlighted that Armen Shahnazaryan has approximately 25 years of experience in the financial sector.