Criminal Proceedings Launched Over Privatization of Araratcement

YEREVAN — Criminal proceedings were launched on May 7 over alleged violations in the 2002 privatization of Araratcement, on grounds of abuse of official authority and large-scale money laundering, Armenia’s Prosecutor General’s Office reported.

According to the Prosecutor’s Office, it reviewed the privatization process of Araratcement, which was sold under a government decision dated September 12, 2002.

The Prosecutor’s Office said that, based on materials containing apparent elements of a crime, a report was submitted to the Anti-Corruption Committee on May 5, 2026. Criminal proceedings were launched two days later under articles concerning abuse or excess of official powers resulting in grave consequences, as well as money laundering on an especially large scale.

Among the circumstances cited by prosecutors is the 2001 government decision to form a tender commission for the privatization of state-owned shares in Araratcement. Purchase offers were submitted by Switzerland’s Holcim LTD and the British company SK.Ajikawo Group.

Holcim LTD was declared the winner of the September 26, 2001 tender, but later informed Armenia’s State Property Management Ministry that its board of directors had rejected the investment program without providing reasons.

Under a September 12, 2002 government decision, 317,003 state-owned shares of Araratcement, each with a nominal value of 10,000 drams, were privatized through direct sale to the Belgian company Roberto for $200,000.

Prosecutors said Roberto’s founders were Armenian citizens Azat, Robert, and Roman Muradyan, each holding a share worth 250,000 Belgian francs. 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 former MP Murad Guloyan, who is related by marriage to former MP Gagik Tsarukyan, and the uncle of Tsarukyan’s son-in-law, former Kotayk governor Karapet Guloyan.

Six months after the government’s privatization decision, on March 23, 2003, Roberto’s assembly appointed Gagik Tsarukyan as the company’s sole manager for an indefinite term.

On June 26, 2003, a Brussels court announced the dissolution process of Roberto, which was completed five years later, on December 18, 2008.

Alongside the criminal proceedings, the Prosecutor’s Office said it continues to act within its authority to protect state interests. On May 5, it sent a letter to the government proposing that it consider appropriate administrative measures to address the alleged violations and their consequences, including the possible appointment of a temporary manager at the company.