Arrested mogul Karapetyan says is creating political party

Russian businessman and philanthropist Samvel Karapetyan, who was arrested by a court in Armenia for calling for overthrowing the constitutional order, has announced plans to establish a political party, Report informs via TASS.

"We are creating a brand-new political force," Karapetyan’s press service quoted him as saying.

The billionaire was detained by police on June 18 for calling for overthrowing the government. A court in Yerevan ruled to place him under arrest for two months. Following that, inspections into his businesses were launched and a number of Tashir Pizza restaurants in Yerevan and Armenian regions were closed.

In addition, Armenia’s parliament has approved a bill to take over energy company Electric Networks of Armenia, owned by Karapetyan.