Pashinyan’s government has taken control of Ararat Cement, one of Armenia’s largest cement producers and a key supplier to the country’s construction sector, as part of a civil asset confiscation case against Prosperous Armenia Party leader Gagik Tsarukyan.
The Prosecutor General’s Office announced that the company has been placed under state control within proceedings targeting Tsarukyan and individuals associated with him over assets prosecutors allege were acquired through illegal means.
As part of the same case, prosecutors are seeking the confiscation of 75 real estate properties, 42 vehicles, stakes in 38 companies, and assets and funds worth approximately AMD 106 billion.
Founded in 1925, Ararat Cement is one of Armenia’s leading cement manufacturers and remains a major supplier to the country’s construction industry.
Tsarukyan, one of Pashinyan’s most prominent political rivals, has led the Prosperous Armenia Party for years, challenged Pashinyan in parliamentary elections, and has repeatedly criticized his government.
The takeover follows last year’s transfer of effective control over Electric Networks of Armenia (ENA) from businessman Samvel Karapetyan after he publicly clashed with Pashinyan over the government’s confrontation with the Armenian Apostolic Church. Karapetyan was subsequently arrested and remains under house arrest as criminal proceedings against him continue.
The cases involving Tsarukyan and Karapetyan represent the two most significant instances in recent years of the Armenian state assuming control over major privately owned strategic enterprises through legal proceedings. Both men have been among Pashinyan’s most prominent opponents, fueling accusations that the legal proceedings are being used to target influential political and business figures who have challenged his government. Pashinyan’s government rejects those accusations, maintaining the cases are part of its anti-corruption and asset recovery campaign.
