Armenia Takes Control of AraratCement in Asset Forfeiture Case

Armenia's Anti-Corruption Court has transferred management of AraratCement CJSC to the state as an interim measure in an ongoing asset forfeiture case against businessman Gagik Tsarukyan. The Prosecutor General's Office filed the lawsuit in October 2023, alleging Tsarukyan acquired assets through illicit means. The court granted the state's petition on July 15, 2026, placing the cement company's shares under state control and protection.

Beyond AraratCement, authorities are seeking to confiscate 75 properties in Yerevan and elsewhere, 42 vehicles, stakes in 38 legal entities, and approximately 105.87 billion Armenian drams in alleged illicit proceeds. The case proceeds under Armenia's law on confiscation of property of illicit origin. The court's decision represents an interim measure and does not constitute a final ruling on the broader confiscation claim.