The Prosecutor’s Office, within the framework of the authority to initiate a lawsuit for the protection of state (community) interests, studied the process of privatization of the “Araratcement” company, expropriated by the decision of the RA Government No. 1465-A of September 12, 2002. According to “Armenpress”, the press release of the Prosecutor’s Office states that based on the violations found in the expropriation process, a claim was submitted to the Administrative Court with the demand to recognize the above-mentioned decision of the RA government as null and void and to eliminate the consequences.
A number of circumstances related to the privatization process were included in the basis of the claim, among other violations found.
In particular:
- According to the decision of the RA Government No. 690 of July 31, 2001, a tender commission was formed in order to privatize the state-owned shares of Araratcement company through a tender.
- A purchase offer was submitted by the Swiss “Holcim LTD” and the English “SK.Ajikawo Group”.
- In the competition held on September 26, 2001, the Swiss organization “Holcim LTD” was recognized as the winner, however, on October 22, 2001, the Swiss organization “Holcim LTD” in a letter addressed to the Minister of State Property Management informed that the board of directors of the organization rejected the investment program without reasons.
- Since October 22, 2001, in violation of the 60-day period from the moment the tender was considered unfulfilled, as well as in violation of the requirements of Article 18 of the Law “On Privatization (Privatization) of State Property”, the RA government ignored the fact that the English company “SK.Ajikawo Group” was a known buyer in advance, and instead of expropriating the mentioned company by direct sale, it sold the company to “Araratcement” open joint stock company. 317,003 shares with a nominal value of 10,000 drams each were privatized by direct sale to the husband of the daughter of Gagik Tsarukyan, the founder of “Multi Group” Concern, who is engaged in the import and export of food, semi-finished products, vehicles, as well as the operation of laundries, gas stations, and has a statutory capital of only 18,952 euros, established in the Kingdom of Belgium. To the “Roberto” SP company managed by Karapet Guloyan’s uncle, Vahagn Guloyan. By the same decision, the RA Government set the price of the shares at 200,000 US dollars, obliging the buyer to pay it within 3 banking days from the date of signing the privatization contract.
The Prosecutor’s Office reminds that during the process of acquisition of land owned by “Araratcement” company, the structure also discovered a number of violations: The prosecutor, having discovered features of an apparent crime within the framework of exercising his powers of protection of state interests, submitted a report on the crime to the Anti-Corruption Committee on May 27, 2026, as well as a claim of state interests to the Anti-Corruption Court.
On May 5, 2026, the General Prosecutor’s Office addressed a letter to the Government of the Republic of Armenia, proposing to discuss the appropriateness of implementing proper administration in order to eliminate the existing violations in the company and their consequences, including, for example, appointing a temporary manager in the company.
