Stockholm Arbitration Tribunal Rejects All Claims by Karapetyans in HETC Case

The Stockholm Arbitration Tribunal fully rejected the application submitted by Liormand Holdings Limited, Samvel Karapetyan, Eteri Karapetyan, Sargis Karapetyan, and Karen Karapetyan (hereinafter referred to as the "Claimants") on December 24, 2025. This information was reported by the Armenian government.

In the application, among other things, the Arbitration Tribunal was requested to confirm the non-fulfillment by the Republic of Armenia of Emergency Arbitrator's ruling EA 2025/121 dated July 22, 2025, restore the license of the Armenian Electric Networks CJSC (HETC) and the powers of its management bodies, as well as terminate the powers of the appointed temporary administrator. Additionally, the tribunal was asked to prohibit the compulsory sale, alienation, or any other disposal of HETC's shares or other assets.

The arbitration tribunal completely rejected all these requests, concluding that the measures sought by the Claimants are unfounded. The tribunal also decided that all costs associated with the consideration of the application shall be borne entirely by the Claimants.

This decision preserves the integrity and comprehensiveness of the arbitration proceedings, ensuring that any future decisions will be based on all relevant evidence and in accordance with the Tribunal's evaluation of its jurisdiction and applicable law.

Armenia welcomes this decision, made by the Arbitration Tribunal that has the authority to substantively resolve the dispute, rather than by the "Emergency Arbitrator." The Republic of Armenia reaffirms its commitment to participating in the arbitration proceedings with high professionalism and complete respect for the process while consistently defending its positions and interests, and continuing constructive cooperation with the Claimants and the Arbitration Tribunal.