The Yerevan court of first instance allowed investigators last month to hold Karapetian in detention for two more months on charges rejected by him as politically motivated. The tycoon’s lawyers appealed against the decision.
The Court of Appeals upheld it, refusing to order his release from custody. One of the defense lawyers, Aram Vartevanian, accused the court of ignoring “undeniable objective legal data” presented by him and his colleagues.
Karapetian was prosecuted hours after condemning on June 17 Pashinian’s attempts to depose the top clergy of the Armenian Apostolic Church and vowing to defend it “in our own way.” His statement immediately provoked a series of furious social media posts by Pashinian.
“Now I will interfere with you in my own way, you scoundrel,” the premier wrote before Karapetian was arrested and charged with calling for a violent overthrow of the Armenian government.
Karapetian was also charged him with tax evasion, fraud and money laundering after announcing plans to set up a new opposition group that will fight for regime change in Armenia. The 60-year-old businessman, who has mainly lived in Russia since the early 1990s and financed many charity projects in Armenia and Nagorno-Karabakh, had never signaled political ambitions before.
Armenia - Narek Karapetian presents a new movement launched by his jailed uncle, billionaire Samvel Karapetian, Yerevan, August 29, 2025.
His supporters officially launched late last month an “apolitical” movement which they said will spawn a political party ahead of the general elections due in June 2026. Political analysts expect it to be a major election contender.
Hours before the announcement of the appeals court’s decision, Karapetian issued a fresh statement from jail in which he criticized the economic situation in the country and said his team can quickly improve it, including by attracting “major international investors.”
“The only one responsible for such a reality is this government, which does not create decent opportunities for our people, discourages them, and breaks their faith in a prosperous future,” read the statement.
Karapetian, who is believed to be the world’s wealthiest ethnic Armenian, similarly lambasted Pashinian in his previous statements. He charged, in particular, that Pashinian has “completely destroyed the country's external security,” “ruined” its relations with Russia and is now begging the leaders of Azerbaijan and Turkey for peace. The premier and his political allies shrugged off the accusations.