Romanos Petrosyan  accuses ENA of not approving $690 million in loan  guarantees with  Public Services Regulatory Commission

ArmInfo. Between 2016 and 2025, the Electric Networks of Armenia (ENA) CJSC hadn't sanctioned $690 million in loan guarantees with the Public Services Regulatory Commission (PSRC). Romanos Petrosyan, interim manager of Electric Networks of Armenia (ENA), made this statement on November 11 during a meeting with representatives from the European Bank for Reconstruction and Development (EBRD), Giorgi Akhalkatsi; Zsuzsanna Gabriella D. Moshnyai, senior investment officer of the Asian  Development Bank (ADB) office in Georgia; and Arman Barkhudaryan,  senior representative of the International Finance Corporation (IFC)  in Armenia.  The meeting, according to the ENA press service, was  also attended by ENA Deputy Director General and Director of  Economics and Finance, Armen Shahnazaryan; IFC Investment Officer  Vyacheslav Gordienko; and ADB Investment Officer Ana Gvalia.

Romanos Petrosyan noted that after assuming temporary management of  ENA, a comprehensive internal audit of the company's financial and  economic documents was initiated at his direction. The audit includes  audit reports, financial statements submitted to the Public Services  Regulatory Commission (PSRC), and loan agreements concluded with  international and local private banks.

According to him, the investigation revealed that the company,  through five Armenian banks, had issued guarantees to several  commercial organizations directly or indirectly linked to the Tashir  Group of Companies, thereby violating the relevant provisions of the  agreements concluded with the aforementioned international financial  institutions (particularly those related to financial covenants and  requirements).

"The cumulative value of the guarantees issued between 2016 and 2025  exceeds USD 690 million. At the time of the appointment of the  interim manager, the financial burden of the existing guarantees  exceeded USD 200 million. The ENA issued these guarantees without  securing the necessary approval from the PSRC, and these processes  were essentially carried out by the company in a 'confidential  manner,'" the statement reads. The parties also discussed several   issues related to the ongoing cooperation between Electric Networks  of Armenia CJSC and the EBRD, ADB, and IFC, expressing their mutual  willingness to continue collaboration and share up-to-date  information on the issues discussed during regular meetings.

On the previous day, the PSRC published a draft resolution to  terminate  the Electric Networks of Armenia CJSC's license to  distribute electricity (capacity). A vote on the resolution is  scheduled for November 13.