Armenia's wealthiest man jailed; family says political witch hunt
Samvel Karapetyan, founder of the Tashir Group and a major Armenian investor, has been detained about three months amid charges tied to his public remarks and broader graft allegations.
Armenia's wealthiest man, Samvel Karapetyan, has been jailed for almost three months after being charged with publicly calling to seize power and other offenses, his family says the charges are politically motivated.
Karapetyan, 60, a dual Russian-Armenian citizen with extensive business holdings in both countries through his Tashir Group, has an estimated net worth of about $4.4 billion. Forbes listed Tashir as the 53rd largest privately held company in Russia in 2021. He was arrested on June 17 and faces charges including publicly calling to seize power illegally in connection with remarks about Armenia's prime minister and the country's Apostolic Church, as well as tax evasion, fraud and money laundering, Armenian media reported.
The family portrays the case as a political witch hunt, with Karapetyan's son, Sargis, telling The New York Post that “there is no longer a true justice system in Armenia when it has to do with anyone who speaks out against our Prime Minister,” a claim The Post could not independently verify. The archbishop Bagrat Galstanyan has also been arrested on terrorism charges as part of the wider case.
Karapetyan had publicly signaled his intention to form a new opposition party to challenge Prime Minister Nikol Pashinyan. His nephew, Narek Karapetyan, told The Post that a “huge team” is developing pre-election strategy and that the party would bring “completely new faces in Armenian politics.”
In a statement from jail, Karapetyan said Pashinyan has ruined the country’s relationship with Russia and that he knows how to improve its economy by attracting “major international investors.”
Electric Networks of Armenia, the country’s sole electricity provider and a major asset of the Tashir Group, was seized and nationalized by the government following Karapetyan’s detention. In response, Karapetyan’s family filed a $500 million lawsuit against the government earlier this month. The move underscores the broad political and business tensions surrounding the case.
Karapetyan’s detention comes as Pashinyan’s government negotiates Armenia’s stance on regional conflicts. Critics say the moves against Karapetyan and other business leaders have tempered the country’s robust entrepreneurial climate. Armenian politics has also been shaped by ongoing discussions about territorial concessions to Azerbaijan and criticism of the church, factors that have taken a toll on Pashinyan’s public ratings online.
Narek Karapetyan said the family intends to maintain a united front, while supporters say the case highlights broader questions about democracy and the rule of law in Armenia. Observers will watch the Anti-Corruption Court as it schedules hearings in the coming weeks.