Prosecutor General's Office of Armenia is demanding that the court overturn the privatization of Ararat Cement, owned by Gagik Tsarukyan
05.06.2026,
12:40
The Prosecutor General's Office of Armenia has filed a lawsuit in defense of state interests based on violations uncovered during the privatization of the Ararat Cement Plant, owned by Gagik Tsarukyan, president of Multi Group and chairman of the Prosperous Armenia Party.
YEREVAN, June 5. /ARKA/. The Prosecutor General's Office of Armenia has filed a lawsuit in defense of state interests based on violations uncovered during the privatization of the Ararat Cement Plant, owned by Gagik Tsarukyan, president of Multi Group and chairman of the Prosperous Armenia Party.
On May 20, Armenian Prime Minister Nikol Pashinyan announced the government's intention to nationalize Ararat Cement and appoint an interim manager.
"The Prosecutor General's Office, within its authority to file a lawsuit in defense of state/community interests, examined the privatization process of Ararat Cement, which was alienated by the decision of the RA government on September 12, 2002. Based on violations identified during the alienation process, the Prosecutor General's Office filed a lawsuit with the Administrative Court demanding that the aforementioned decision of the RA government be declared null and void and the consequences eliminated," the office said in a statement.
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 official authority or official power, or the influence resulting from such power, as well as abuse of power, which negligently resulted in other grave consequences. Furthermore, the case concerns alleged money laundering on an especially large scale.
At the same time, the Prosecutor General'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 to privatize the state-owned stake in Araratcement, but later withdrew from 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
Earlier, 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 at the behest of one person and has organized its processes on a 'contract-based' basis. This is regrettable," she said.
ARKA News Agency again contacted the Prosperous Armenia Party for comment.
On May 20, Armenian Prime Minister Nikol Pashinyan announced the government's intention to nationalize Ararat Cement and appoint an interim manager.
"The Prosecutor General's Office, within its authority to file a lawsuit in defense of state/community interests, examined the privatization process of Ararat Cement, which was alienated by the decision of the RA government on September 12, 2002. Based on violations identified during the alienation process, the Prosecutor General's Office filed a lawsuit with the Administrative Court demanding that the aforementioned decision of the RA government be declared null and void and the consequences eliminated," the office said in a statement.
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 official authority or official power, or the influence resulting from such power, as well as abuse of power, which negligently resulted in other grave consequences. Furthermore, the case concerns alleged money laundering on an especially large scale.
At the same time, the Prosecutor General'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 to privatize the state-owned stake in Araratcement, but later withdrew from 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
Earlier, 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 at the behest of one person and has organized its processes on a 'contract-based' basis. This is regrettable," she said.
ARKA News Agency again contacted the Prosperous Armenia Party for comment.
