RA Prosecutor`s Office files suit demanding invalidation of RA  government`s decision to alienate Ararat Cement Plant

ArmInfo.The Armenian Prosecutor's Office has filed a lawsuit with the Administrative Court demanding that the government's decision to alienate the Ararat  Cement Plant (later Ararat Cement Plant) be declared invalid due to a number of circumstances related to the privatization process.

As noted in the supervisory authority's statement, a tender committee  was formed by a July 31, 2001, government decree to privatize  state-owned Ararat Cement Plant shares through a tender. The bid was  submitted by the Swiss company Holcim LTD and the British  organization SK.Ajikawo Group. The winner of the tender, which took  place on September 26, 2001, was the Swiss company "Holcim LTD", but  on October 22, 2001, the Swiss company informed the Minister for  State Property Management in a letter that the company's board of  directors had rejected the investment project without giving reasons.  Since October 22, 2001, in violation of the 60-day period from the  moment the tender was declared failed, as well as in violation of the  requirements of Article 18 of the Law on Privatization of State  Property, the government ignored the fact that the English company  SK.Ajikawo Group was also among the bidders, and instead of  alienating the said company through direct sale, it privatized  317,003 shares of the open joint-stock company <Araratcement>, each  with a nominal value of 10 thousand drams, through direct sale to  Vahagn Guloyan, the uncle of Karapet Guloyan, the husband of the  daughter of Gagik Tsarukyan, the founder of the concern "Multi  Group", and the company "Roberto", which has an authorized capital of  only 18,952 euros, registered in the Kingdom of Belgium by Guloyan.  By the same decision, the RA government set the price of shares at  USD 1,000, obliging the buyer to pay within 3 banking days from the  date of signing the privatization agreement.

The Prosecutor General's Office also uncovered a number of violations  in the acquisition of land plots belonging to the Ararat Cement  company. Having identified clear elements of a crime, the prosecutor  reported it to the Anti-Corruption Committee on May 27, 2026, and  filed a lawsuit with the Anti- Corruption Court.

On May 5, 2026, the Prosecutor General's Office sent a letter to the  RA government proposing to discuss the violations at the company and  the advisability of implementing proper management to address their  consequences, including, for example, the appointment of an interim  manager.

It is worth noting that Gagik Tsarukyan, leader of the Prosperous  Armenia Party, emphasizes the legality of the transaction and  attributes the pressure surrounding the plant to his political  activities. He notes that the enterprise was acquired completely  legally and warns of the legal consequences of illegal seizure of  property, including an appeal to the European Court.