Emergency Arbitrator Rejects New Demands from HEC Shareholders

On July 29, 2023, Liormand Holdings Limited, along with Samvel Karapetyan, Ether Karapetyan, Sarkis Karapetyan, and Karen Karapetyan (collectively referred to as the "Claimants"), filed a request with the Emergency Arbitrator appointed under the arbitration rules of the Stockholm Chamber of Commerce. They sought to amend the arbitration decision issued by the Emergency Arbitrator on July 22, 2023, in the case EA 2025/121. This was reported by the Government of Armenia.

1. To declare that the Republic of Armenia has a legal obligation to comply with the aforementioned arbitration ruling,
2. To oblige Armenia to restore the status quo that existed as of the date of the Claimants' initial request (July 16, 2025), and
3. To require Armenia to inform the Emergency Arbitrator and the Claimants of all actions taken to fulfill the arbitration ruling (including restoring the status quo) and to confirm the implementation of temporary measures within the deadline set by the Emergency Arbitrator.

On August 3, 2023, the arbitrator completely rejected the Claimants' demands on the grounds that new demands had been presented compared to the initial request and that his jurisdiction and authority did not extend to the requested protective measures.

It is worth noting that the Emergency Arbitrator had previously denied the Claimants' demands in the July 22, 2023 decision, which sought to release Samvel Karapetyan from pre-trial detention or replace that through other means, as well as to refrain from any legal proceedings against the management or employees of the "Tashir" group. The Government's official statement regarding the temporary measure granted by the Emergency Arbitrator concerning HEC is available through the following link.