Samvel Karapetyan Could Acquire Sevan-Hrazdan Cascade for $3 Million

The newspaper "Zhamanak" reports, "The Armenian authorities are negotiating with Samvel Karapetyan, the owner of HEC, not for the High Voltage Electric Networks, but for the sale of the Sevan-Hrazdan cascade. The Sevan-Hrazdan cascade was transferred to the Russian side as part of the notorious deal 'Property for Debt' and is currently on the balance sheet of 'RusHydro.' Due to mismanagement and ruthless exploitation, the company has accumulated around $50 million in debt obligations, and the enterprise is in a deplorable state.

According to our information, the sale amount will be $3 million, and by September, the company owned by Samvel Karapetyan will start implementing a program to rehabilitate the enterprise." More details in today's issue of the newspaper.