A high-profile situation is developing in Armenia around Gagik Tsarukyan's Ararat Cement Plant; a criminal case has been opened
20.05.2026,
20:38
A high-profile situation is developing in Armenia around the Ararat Cement Plant, which belongs to Gagik Tsarukyan, president of Multi Group and chairman of the Prosperous Armenia Party.
YEREVAN, May 20. /ARKA/. A high-profile situation is developing in Armenia around the Ararat Cement Plant, which belongs to Gagik Tsarukyan, president of Multi Group and chairman of the Prosperous Armenia Party.
On Wednesday morning, Armenian Prime Minister Nikol Pashinyan announced the government's intention to nationalize Ararat Cement and appoint an interim manager at the plant.
Later that day, the Prosecutor General's Office reported violations during the privatization of Ararat Cement.
Statement from the Prosecutor General's Office
The Prosecutor General's Office reported the discovery of a number of violations during the privatization of Ararat Cement, which took place in 2002. Following a review of the materials, on May 5, 2026, the prosecutor sent a report of the crime to the Anti-Corruption Committee.
Based on this report, criminal proceedings were initiated on May 7 for abuse of power or official authority by an official, or the influence resulting from such abuse, as well as abuse of power that negligently resulted in other grave consequences. Furthermore, the case concerns alleged money laundering on an especially large scale.
At the same time, the prosecutor's office sent a letter to the Armenian government proposing to discuss measures to address the identified violations, including the advisability of appointing an interim manager at Araratcement.
Privatization Details
The Prosecutor General's Office recalled that in 2001, the Swiss company Holcim LTD was declared the winner of the tender for the privatization of the state-owned stake in Araratcement, but later abandoned the investment program.
In 2002, the company's shares were privatized through a direct sale to the Belgian company Roberto for $200,000. The company's founders were Armenian citizens Azat, Robert, and Roman Muradyan, and Vahagn Guloyan, a relative of Gagik Tsarukyan's family, was appointed its manager.
Six months after the privatization, Gagik Tsarukyan was appointed sole manager of Roberto. In 2003, the Belgian company began liquidation proceedings, which were completed in 2008.
Reaction of Gagik Tsarukyan's representative
Commenting on the situation, Iveta Tonoyan, press secretary for the leader of the Prosperous Armenia Party, stated that Gagik Tsarukyan's side intends to take legal action.
"Our country's law enforcement system operates on the orders of one person and has organized its processes on a 'concert by request' basis. This is regrettable," she said.
On Wednesday morning, Armenian Prime Minister Nikol Pashinyan announced the government's intention to nationalize Ararat Cement and appoint an interim manager at the plant.
Later that day, the Prosecutor General's Office reported violations during the privatization of Ararat Cement.
Statement from the Prosecutor General's Office
The Prosecutor General's Office reported the discovery of a number of violations during the privatization of Ararat Cement, which took place in 2002. Following a review of the materials, on May 5, 2026, the prosecutor sent a report of the crime to the Anti-Corruption Committee.
Based on this report, criminal proceedings were initiated on May 7 for abuse of power or official authority by an official, or the influence resulting from such abuse, as well as abuse of power that negligently resulted in other grave consequences. Furthermore, the case concerns alleged money laundering on an especially large scale.
At the same time, the prosecutor's office sent a letter to the Armenian government proposing to discuss measures to address the identified violations, including the advisability of appointing an interim manager at Araratcement.
Privatization Details
The Prosecutor General's Office recalled that in 2001, the Swiss company Holcim LTD was declared the winner of the tender for the privatization of the state-owned stake in Araratcement, but later abandoned the investment program.
In 2002, the company's shares were privatized through a direct sale to the Belgian company Roberto for $200,000. The company's founders were Armenian citizens Azat, Robert, and Roman Muradyan, and Vahagn Guloyan, a relative of Gagik Tsarukyan's family, was appointed its manager.
Six months after the privatization, Gagik Tsarukyan was appointed sole manager of Roberto. In 2003, the Belgian company began liquidation proceedings, which were completed in 2008.
Reaction of Gagik Tsarukyan's representative
Commenting on the situation, Iveta Tonoyan, press secretary for the leader of the Prosperous Armenia Party, stated that Gagik Tsarukyan's side intends to take legal action.
"Our country's law enforcement system operates on the orders of one person and has organized its processes on a 'concert by request' basis. This is regrettable," she said.
