Economist: They were forced to order audit because people blocked a central avenue

Buying the Electric Networks of Armenia, Tashir Group Company has shouldered the burden of resolving a difficult problem, says economist Vardan Bostanjyan. He says the ENA is in a terrible plight and the increased electricity prices speak to this. “We need a way out of this situation, I would rather say - salvation. They say $200 million is needed to be invested in the company to recover the system. I am convinced that at least $500 million is needed to modernize the power grid. I think by purchasing the ENA Samvel Karapetyan is doing a great favour to our people,” he said. Speaking about the abuses found at the ENA, the economist said ‘we brought the Russian company to Armenia and we were to assume responsibility for its operations.’ “We were to monitor the Company’s work. What can we do now?” he said. Asked whether the audit will produce results in the given situation, Mr Bostanjyan said, “People blocked one of the main streets in Yerevan. They [authorities] were to say something they ordered an audit to calm down protesters. Many did not even understand what the audit meant and what it would give…” Republican MP Vardan Ayvazyan hurried to add, “The Electric Networks of Armenia was sold long ago. Today the Company has changed its owner. He [Samvel Karapetyan] is our compatriot who will do conscientious work.”