Armenia’s Prosecutor General’s Office said it had identified a number of violations in the privatization process of Ararat Cement.
On May 5, the prosecutor’s office sent a letter to the Armenian government proposing that it consider appropriate administrative measures to address the identified violations and their consequences, including the possible appointment of a temporary manager at the company.
The prosecutor’s office stated that, within the framework of protecting state and community interests, it had reviewed the privatization process of Ararat Cement, which was transferred under a September 12, 2002 government decision.
“Based on facts obtained during the review containing apparent signs of a crime, the prosecutor submitted a report to the Anti-Corruption Committee on May 5, 2026.
“On May 7, 2026, criminal proceedings were initiated under Article 441, Part 2, Clause 5 of Armenia’s Criminal Code (abuse or excess of official authority resulting in grave consequences through negligence) in two counts, and Article 296, Part 3, Clause 3 (money laundering on an especially large scale).
“Among other identified violations, the report included several circumstances related to the privatization process,” the statement said.
According to the prosecutor’s office, a competitive commission was established by a July 31, 2001 government decision to privatize the state-owned shares of Ararat Cement through a tender.
Purchase bids were submitted by Swiss company Holcim LTD and English company SK.Ajikawo Group.
At the September 26, 2001 tender, Holcim LTD was declared the winner. However, on October 22, 2001, the company informed Armenia’s minister for state property management that its board of directors had rejected the investment program without providing reasons.
Under the September 12, 2002 government decision, 317,003 state-owned shares of Ararat Cement, each with a nominal value of 10,000 drams, were privatized through direct sale to Belgian company Roberto. The price for the shares was set at $200,000.
The statement added that Roberto’s founders were Armenian citizens Azat, Robert and Roman Muradyan, each holding shares worth 250,000 Belgian francs. The company’s total capital amounted to 750,000 francs, equivalent to 18,592 euros.
According to prosecutors, Vahagn Guloyan was appointed manager of Roberto. He is the younger brother of former Armenian lawmaker Murad Guloyan and the uncle of former Kotayk governor Karapet Guloyan, who is also the son-in-law of Gagik Tsarukyan.
Six months after the government decision on Ararat Cement’s privatization, on March 23, 2003, Roberto’s assembly decided to appoint Gagik Tsarukyan as the company’s sole manager without a term limit.
“On June 26, 2003, a Brussels court declared the beginning of Roberto’s liquidation process, which was completed on December 18, 2008,” the statement added.
On May 20, Prime Minister Nikol Pashinyan said during a meeting in Shnogh that Ararat Cement, which he described as the “business backbone” of Gagik Tsarukyan, would soon become state-owned. Pashinyan also said he “congratulates all employees of the Ararat Cement plant on their liberation.”
