Armenia will not lose the $500 million arbitration lawsuit filed by businessman Samvel Karapetyan regarding the Electric Networks of Armenia company. Davit Khudatyan, the Minister of Territorial Administration and Infrastructure of Armenia, stated this at a press briefing on Thursday.

Khudatyan assured that Armenia is ready to defend its state interests in any arbitration, and in this case, too, it will follow this path without fear.

According to him, in this case, the aforesaid lawsuit is conditioned by a personal factor. Khudatyan reported that recently many such lawsuits have been filed against state officials.

“We are ready to defend our interests,” the minister repeated.

Entrepreneur and philanthropist Samvel Karapetyan and his family on Monday formally initiated international arbitration proceedings, seeking to hold Armenia liable for its takeover of Electric Networks of Armenia CJSC, and receive $500 million in compensation.