On November 23 a battery production company named Elbat was opened in Yerevan. The owners of the Armenian-German Elbat company are the former minister of development and existing MP Karen Chshmarityan (24%), the director of the company Samvel Abrahamyan (25%) and Cronimet Mining company (51%). This information was published by the hetq.am, which informs that the copper-molybdenum company of Zangezur was purchased by the Cronimet Mining company during the time when Chshmarityan was the minister. What is the connection between the Elbat LLC and the mentioned copper-molybdenum company? There is a direct connection as several companies were privatized in the same period and different officials grabbed shares in those companies. The Elbat is located in the territory of Electron CJSC. The owners of the Electron company are Samvel Abrahamnyan (40%), Karen Chshmarityan (40%) and the staff of the company (20%). The Electron CJSC was privatized in 2005 through direct sale. The buyer was Samvel Abrahamyan, and at that time the minister was Karen Chshmarityan. It turns out that the minister has sold the Electron company to himself while being the minister, and now he has 40% of share in this company while being MP.
