The Anti-Corruption Committee has decided to transfer Ararat Cement, owned by Gagik Tsarukyan, to state management, according to Azatutyun. The decision was made within the framework of proceedings for the confiscation of illicit assets.
The process of managing and maintaining the plant has been transferred to the executive branch. It is not yet known when a temporary manager will be appointed or who it will be. The court's decision has not yet been published. Tsarukyan's lawyer, Erem Sargsyan, states that they have not been notified of the decision.
The Anti-Corruption Court has been hearing this case since 2023. Law enforcement agencies are demanding the confiscation of numerous assets belonging to Tsarukyan's family, including real estate, vehicles, and funds totaling approximately 290 million dollars. The Prosecutor's Office also alleges that the plant has been exploiting mineral resources illegally.
Companies linked to Tsarukyan's family have been sealed. Thousands of employees have been out of work for 11 days. They are holding protest actions demanding a return to work. The Investigative Committee reports that the companies were sealed for inventory purposes. More than 10 proceedings have been initiated against the businessman on charges of fraud, money laundering, and tax evasion.
In addition, Yerevan Mayor Tigran Avinyan has confirmed that the Multi Wellness fitness center, also owned by Tsarukyan, has passed under the management of the municipality. The city government claims the building was constructed with violations. Avinyan promises that the gym will continue to operate and that employees will not lose their jobs.
