New Delhi: The Armenian government has taken control of a cement company owned by arrested opposition leader and businessman Gagik Tsarukyan, intensifying political tensions in the country. According to the state news agency, the Anti-Corruption Court approved the prosecutor’s petition to transfer Tsarukyan’s shareholding in the company to the government, a move that has sparked fresh political controversy.
Tsarukyan, the 69-year-old billionaire and leader of the pro-Russian Prosperous Armenia Party, was arrested on July 6 on allegations of fraudulently importing goods worth approximately ₹181 crore (US$21 million) from Iran. A court has ordered his detention for two months pending trial. Tsarukyan has denied all allegations, describing the case as politically motivated.
Prime Minister Nikol Pashinyan, who has sought to strengthen Armenia’s ties with Europe in recent years, accused opposition parties during his re-election campaign of attempting to drag the country back into conflict and instability. Following his electoral victory, he pledged to pursue criminal proceedings against opposition leaders and seek the confiscation of assets allegedly acquired through illegal means.
The seizure of the cement company’s shares stems from a lawsuit filed in October 2023, in which prosecutors alleged that Tsarukyan had unlawfully acquired his stake in the company. Based on these allegations, the Anti-Corruption Court has now ordered the transfer of those shares to the Armenian government.
The lawsuit also seeks the confiscation of 36 real estate properties, 42 vehicles, Tsarukyan’s interests in 38 companies, and approximately 108 billion Armenian drams (about ₹810 crore), alleging they represent illegally acquired assets.
Opposition parties and several political analysts have criticised the government’s actions, arguing that legal institutions are being used to target political opponents. The Armenian government, however, maintains that the proceedings are being conducted in accordance with the law as part of its broader campaign against corruption and illicit wealth.
The case comes as Armenia continues efforts to strengthen its relationship with the European Union and advance democratic and governance reforms. While the EU has recently praised the country’s progress on reform and transparency, the latest developments have triggered renewed debate over the rule of law, political competition and judicial independence in Armenia.
