YEREVAN (Realist English). An Armenian court has partially granted a defence motion for Samvel Karapetyan, head of the Tashir Group, ordering his release from pre-trial detention and placing him under house arrest, his lawyer Aram Vardevanyan said on Saturday.
Vardevanyan did not disclose the amount of bail set by the court.
Karapetyan was arrested in June on charges including public calls for the seizure of power, violation of Armenia’s territorial integrity, renunciation of sovereignty and the violent overthrow of the constitutional order. The case against the billionaire was launched after he publicly sided with the Armenian Apostolic Church during its high-profile confrontation with the Armenian authorities.
Following Karapetyan’s arrest, Armenian President Vahagn Khachaturyan signed legislation allowing for the nationalisation of Electric Networks of Armenia, a key asset controlled by the businessman. In July, however, Karapetyan won arbitration proceedings at the Stockholm Chamber of Commerce, which barred Armenian authorities from taking actions that could lead to the seizure of the company’s assets.
Karapetyan controls Russia-based Tashir Group and the Rio chain of shopping malls. He ranks 44th on Forbes’ list of Russian billionaires, with an estimated net worth of $3.2 billion.
The decision to place Karapetyan under house arrest comes amid heightened political sensitivity in Armenia, where the case is widely seen as intersecting with tensions between the government, the church and major business interests.