Sargsyan appoints brother of billionaire as new Armenian PM

SEPT. 13 (The Conway Bulletin) – Armenia’s President Serzh Sargsyan appointed Karen Karapetyan to the post of PM, brother of one of the richest Armenian.

A member of the Mr Sargsyan’s Republican Party, Mr Karapetyan will take over from Hovik Abrahamyan, who resigned on Sept. 8, after a steep fall in the government’s popularity over the last few months after gunmen calling for a new government captured a police station in Yerevan, triggering a two week standoff with security forces in which three policemen died.

Mr Karapetyan is a former mayor of Yerevan and ex-chief executive of ArmRosGazprom, the Armenian subsidiary of Russia’s Gazprom. His brother is Samvel Karapetyan, owner of Tashir Group, a Russian real estate holding company that bought the electricity distributor, Electricity Networks of Armenia (ENA), last year from Russia’s Inter RAO.

Billionaire Samvel Karapetyan effectively helped out the Armenian government who needed to find a buyer for ENA quickly after Inter RAO said it wanted to sell up after a botched attempt to raise electricity prices had triggered street demonstrations.


>>This story was first published in issue 296 of the weekly Conway Bulletin newspaper

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