Tuesday, July 21 2026 11:08
Alina Hovhannisyan

Araratcement transferred to management of Ministry of Economy -  Anti-Corruption Court decision

Araratcement transferred to management of Ministry of Economy -  Anti-Corruption Court decision

ArmInfo.  By decision of the Anti-Corruption Court, the "Araratcement" company has been transferred to the management of the Republic of Armenia, represented by the RA Ministry of Economy. Minister of Economy Gevorg Papoyan wrote this on his Facebook page.

In this regard, he announced that a manager for the company will be  appointed by the end of the month in accordance with the established  procedure.

"Until then, I urge all company employees to conscientiously and  responsibly fulfill their official duties to avoid any legal grounds  for dismissal or administrative or criminal liability in the future,"  the minister noted. As a reminder, on July 6, law enforcement  officers conducted searches at the home of party leader Gagik  Tsarukyan, as well as at more than 70 other locations, including  companies belonging to the Multi Group concern. Following the  completion of the investigation, Tsarukyan was detained and taken to  the Investigative Committee of Armenia. He is charged with alleged  fraud and large-scale money laundering.  On the same day, a court  ordered Tsarukyan's pretrial detention for two months. Tsarukyan  denies the charges, noting that the ongoing events are politically  motivated pressure from the ruling authorities.

Following the investigative actions by law enforcement, the companies  were sealed, including Ararat Cement. From July 6 to 10, plant  employees held protests demanding the resumption of operations.  On  July 10, Deputy Minister of Economy Edgar Zakaryan arrived at the  plant. After negotiations with company management, he told reporters  that the plant would resume operations the following day, and the  Ministry of Economy is ready to assist in resolving any potential  problems arising during production.  It should also be noted that  other employees of companies owned or associated with Tsarukyan,  including MultiStone, the Yerevan Ararat Brandy, Wine and Vodka  Factory, and others, are also holding protests demanding the right to  work. However, all attempts remain futile-the plants continue to  remain idle, damaging not only the country's economy but also  creating serious socioeconomic problems for several thousand  citizens.