The state manager of the Araratcement plant will be appointed in July – Minister Papoyan
21.07.2026,
10:05
The manager of the Araratcement plant will be appointed in July in accordance with the procedure established by law, Armenian Minister of Economy Gevorg Papoyan announced on his Facebook page.
YEREVAN, July 21. /ARKA/. The manager of the Araratcement plant will be appointed in July in accordance with the procedure established by law, Armenian Minister of Economy Gevorg Papoyan announced on his Facebook page.
He noted that Araratcement was previously transferred to the management of the Republic of Armenia, represented by the Ministry of Economy, by a decision of the Anti-Corruption Court of Armenia, based on a petition from the Prosecutor General's Office.
The minister urged Araratcement employees to conscientiously and responsibly fulfill their job responsibilities until a manager is appointed, to avoid grounds for dismissal, administrative liability, or criminal prosecution in accordance with the law.
"All employees who are professionals in their field and perform their work conscientiously will continue to work," Papoyan assured.
About the plant
Araratcement is part of the Multi Group holding company owned by Gagik Tsarukyan, leader of the Prosperous Armenia Party.
In recent years, Araratcement has repeatedly come under government scrutiny in connection with investigations and lawsuits. On July 16, 2026, the Anti-Corruption Court granted the Prosecutor General's Office's motion to transfer the company's shares to the state for safekeeping and management.
Tsarukyan's lawyer previously stated that the defense intends to appeal the court decision and considers it politically motivated.
Tsarukyan has been under two months' arrest since July 7 in connection with a criminal case on charges of fraud and large-scale money laundering.
He noted that Araratcement was previously transferred to the management of the Republic of Armenia, represented by the Ministry of Economy, by a decision of the Anti-Corruption Court of Armenia, based on a petition from the Prosecutor General's Office.
The minister urged Araratcement employees to conscientiously and responsibly fulfill their job responsibilities until a manager is appointed, to avoid grounds for dismissal, administrative liability, or criminal prosecution in accordance with the law.
"All employees who are professionals in their field and perform their work conscientiously will continue to work," Papoyan assured.
About the plant
Araratcement is part of the Multi Group holding company owned by Gagik Tsarukyan, leader of the Prosperous Armenia Party.
In recent years, Araratcement has repeatedly come under government scrutiny in connection with investigations and lawsuits. On July 16, 2026, the Anti-Corruption Court granted the Prosecutor General's Office's motion to transfer the company's shares to the state for safekeeping and management.
Tsarukyan's lawyer previously stated that the defense intends to appeal the court decision and considers it politically motivated.
Tsarukyan has been under two months' arrest since July 7 in connection with a criminal case on charges of fraud and large-scale money laundering.