Friday, July 3 2015 12:10

Nationalization of the Electric Networks of Armenia is inadmissible, as it will halt investments reduce donations to Armenia. Vahagn Khachatryan, a member of the oppositional Armenian National Congress, economist, former mayor of Yerevan, told a news conference on July 3. 

The expert said he was surprised to hear about the nationalization from the president, as the consent of the company owner is required to nationalize the company.  In addition, he said, investors will prevent more reliable countries to Armenia.  The best way out of the situation, he economist said, is ENA's bankruptcy.  Afterwards, Khachatryan thinks, the company will be required to set new priorities and change its management policy.

According to him, the president's statement on the upcoming audit of the company and his confidence to the watchdog's resolution cast doubt on the efficiency and impartiality of the process. "It is a pressure on the auditor company so that it prepares a document that would justify the electricity price hikes," he said.  Furthermore, the expert said, irrespective of the audit results, the Prosecutor's Office had no lever of influence on a 100% private non-Armenian company. "Only taxation agencies can interfere with the process, launch inspections and, if any violations are found, start criminal investigation," he said.

The protest actions against the Public Services Regulatory Commission's decision have been held in Yerevan since June 19. On June 17, the PSRC took a decision to raise the electric power tariffs on August 1, 2015. On June 27, Armenian President Serzh Sargsyan said that the Armenian Government would bear the burden of the raised tariffs until the ENA audit was over. He also said that the ENA might be nationalized. For his part, David Harutyunyan, Minister-Head of the Armenian Government Administration, said that the audit at the ENA might last for 3-6 months.