The Prime Minister's Office has requested the equivalent of $1,093,750 in Armenian drams for the second half of the year to cover expenses related to protecting the state’s interests in an ongoing arbitration case in Stockholm. This matter is included among the non-reported agenda items of the Government session, according to Factor.am .
The funding request stems from Armenia’s obligation to ensure adequate representation and defense in the case Liormand Holdings Limited et al. v. The Republic of Armenia, currently under review by the Arbitration Institute of the Stockholm Chamber of Commerce (SCC).
According to the justification, the claimants submitted a notice of international investment dispute to the Office of the Representative for International Legal Matters on June 30. Immediately after, emergency arbitration proceedings were launched.
“Following receipt of the decision on July 22 from the emergency arbitration, the Office initiated the process of hiring an international legal advisor to represent and defend the interests of the Republic of Armenia. Under SCC regulations, a party may submit a formal arbitration notice within 30 days of receiving the emergency decision,” the Government explained.
Earlier, the defense council of Electricity Networks of Armenia (ENA), owned by businessman Samvel Karapetyan, issued a statement claiming victory in international arbitration against the Armenian government over a possible nationalization attempt.
“The arbitrator concluded that urgent interim measures were necessary, as Armenia’s actions raised serious doubts about compliance with the bilateral investment treaty between Armenia and Cyprus,” the statement read.
