RA Prosecutor`s Office reveals violations in  privatization of   Ararat Cement factory

ArmInfo. Wthin the scope of its authority to protect state (community) interests, the RA Prosecutor's Office has  conducted an investigation into the privatization of the Ararat Cement company, which was alienated by the RA government decree of September 12, 2002.  This was noted in a statement issued by the supervisory body.

The source notes that, due to the facts obtained during the  investigation and containing elements of a crime, the Prosecutor's  Office submitted a crime report to the Anti-Corruption Committee on  May 5, 2026. Based on this  report,  a criminal case was initiated on  May 7, 2026, under Article 441, Part 2, Clause 5 (Abuse of Office (2  counts) and Article 296, Part 3, Clause 3 (Money Laundering on an  Especially Large Scale) of the Criminal Code.

The following circumstances related to the privatization process were  cited as grounds for the report, in addition to other identified  violations. Specifically, a tender committee was formed by a  government decree of July 31, 2001, to privatize the state shares of  the Ararat Cement Plant through a tender. The purchase offer was  submitted by the Swiss company Holcim LTD and the British  organization SK.Ajikawo Group.  The Swiss company  was declared the  winner of the tender, held on September 26, 2001. However, on 22  October 2001, the latter informed the Minister of State Property  Management in a letter that the company's board of directors had  rejected the investment programme without providing reasons. By  government decision of September 12, 2002, 317,003 state shares of  Ararat Cement, each with a nominal value of 10,000 drams, were  privatized through direct sale to the Belgian company Roberto.  According to paragraph 2 of the same decision, the price of the  privatized shares was set at  $ 200,000.

However, the founders of Roberto were citizens of the Republic of  Armenia, Azat, Robert, and Roman Muradyan, each holding a share of  250,000 Belgian francs (at that time, the euro was not yet in use).  This meant that the company's total capital was 750,000 francs  (equivalent to 18,592 euros). Vahagn Guloyan was appointed manager of  Roberto. He is the younger brother of the son-in-law of former member  of the National Assembly, Gagik. Tsarukyan, former MP Murad Guloyan,  and the uncle of Tsarukyan's son-in- law, former Kotayk Governor  Karapet Guloyan. Six months after the government's decision to  privatise "Araratcement," on 23 March 2003, a general meeting of  "Roberto" resolved to appoint Gagik Tsarukyan as the sole manager of  the company with indefinite tenure. On 26 June 2003, a Brussels court  announced the commencement of liquidation proceedings for "Roberto,"  which concluded five years later on 18 December 2008.

In parallel with the criminal case review, the Prosecutor General's  Office continued to execute its state interest protection functions.  This included sending a letter to the Government of the Republic of  Armenia on 5 May 2026, proposing a discussion on the violations  within the company and the advisability of implementing appropriate  management measures to remedy their consequences—such as the  appropriateness of appointing a temporary manager to the company.

Recall, today, speaking at the pre-election During a campaign in the  Lori region, Prime Minister Nikol Pashinyan announced that Ararat  Cement would be returned to the state very soon.