The Anti-Corruption Court has transferred the management and safekeeping of AraratCement CJSC to the Republic of Armenia as part of ongoing illicit asset forfeiture proceedings, acting on a motion filed by the Prosecutor General’s Office.
The measure was ordered in connection with a lawsuit filed by the Prosecutor General’s Office on October 9, 2023, against businessman Gagik Tsarukyan and persons affiliated with him, seeking the confiscation of assets alleged to have been acquired through illicit means.
Among the assets the state is seeking to confiscate are the shares of AraratCement CJSC.
On July 13, 2026, the Prosecutor General’s Office petitioned the Anti-Corruption Court to impose an interim measure by transferring the management and preservation of the company’s shares to the state. The court granted the request on July 15, placing the shares under the management and protection of the Republic of Armenia.
The broader lawsuit also seeks the confiscation from Tsarukyan of:
- 75 real estate properties and the market value of 10 additional properties, including 57 located in Yerevan;
- 42 vehicles;
- Participation in 38 legal entities, including Multi Group Concern LLC, Multi Avtotrans LLC, Onira Club LLC, and other companies;
- AMD 105.87 billion, representing the alleged proceeds of illicit income, related expenditures, outstanding loans, assigned claims, and the market value of five vehicles.
The case is being examined under Armenia’s law on the confiscation of property of illicit origin. The court’s latest decision concerns an interim measure and does not constitute a final ruling on the merits of the confiscation claim.
