Araratcement Plant Appoints State Manager - Ministry of Economy
31.07.2026,
15:59
Armenian Economy Minister Gevorg Papoyan has appointed David Gevorgyan as the manager of Araratcement CJSC. He will assume the position on July 31, 2026, Papoyan announced on his Facebook page.
YEREVAN, July 31. /ARKA/. Armenian Economy Minister Gevorg Papoyan has appointed David Gevorgyan as the manager of Araratcement CJSC. He will assume the position on July 31, 2026, Papoyan announced on his Facebook page.
According to the minister's order, the basis for the appointment was the decision of the Anti-Corruption Court of Armenia dated July 15, 2026, issued as part of the review of a petition for interim measures in the lawsuit.
Earlier, the Anti-Corruption Court granted the motion of the Prosecutor General's Office, according to which the management and custody of Araratcement CJSC shares were transferred to the Republic of Armenia in the course of proceedings on the confiscation of property of allegedly illegal origin.
About the plant
Araratcement CJSC is one of the largest cement producers in Armenia. The company is associated with the business structures of Gagik Tsarukyan, the owner of the Multi Group holding company and leader of the Prosperous Armenia Party. He has been in custody since July 7 and is charged with large-scale fraud and money laundering, large-scale tax evasion, and illegal hunting. The defense denies the charges, and the court has not established Tsarukyan's guilt in these cases.
Araratcement's operations were suspended on July 6 following investigative actions in the criminal case against Gagik Tsarukyan. After a four-day shutdown, the company received permission to resume production on July 9, and returned to full operation on July 10.
According to the minister's order, the basis for the appointment was the decision of the Anti-Corruption Court of Armenia dated July 15, 2026, issued as part of the review of a petition for interim measures in the lawsuit.
Earlier, the Anti-Corruption Court granted the motion of the Prosecutor General's Office, according to which the management and custody of Araratcement CJSC shares were transferred to the Republic of Armenia in the course of proceedings on the confiscation of property of allegedly illegal origin.
About the plant
Araratcement CJSC is one of the largest cement producers in Armenia. The company is associated with the business structures of Gagik Tsarukyan, the owner of the Multi Group holding company and leader of the Prosperous Armenia Party. He has been in custody since July 7 and is charged with large-scale fraud and money laundering, large-scale tax evasion, and illegal hunting. The defense denies the charges, and the court has not established Tsarukyan's guilt in these cases.
Araratcement's operations were suspended on July 6 following investigative actions in the criminal case against Gagik Tsarukyan. After a four-day shutdown, the company received permission to resume production on July 9, and returned to full operation on July 10.
