Armenian Prime Minister Nikol Pashinyan has announced plans to nationalize the Ararat Cement Plant, which is owned by businessman and leader of the Prosperous Armenia Party, Gagik Tsarukyan.

Speaking during an election campaign event in the Lori region, Pashinyan said the facility would be transferred to state ownership in the near future following alleged illegal schemes uncovered by authorities, and that a temporary administrator would be appointed to manage the plant.

“The backbone of Prosperous Armenia party leader Tsarukyan’s business — the Ararat Cement Plant — will be state-owned and will belong to the Republic of Armenia. Because the Guloyan–Tsarukyan scheme has been exposed,” Pashinyan said, referring to an alleged scheme involving Tsarukyan’s son-in-law and former governor of Kotayk, Karapet Guloyan.

“The Government of the Republic of Armenia has already received a letter from the Prosecutor’s Office stating that this property is subject to nationalization. In the near future, very quickly, just as we appointed an administrator at Electric Networks of Armenia, we will also appoint an administrator at the Ararat Cement Plant. I congratulate all employees of the Ararat Cement Plant on their liberation. From this moment on, they no longer need to follow any instructions from Tsarukyan or Guloyan, because their employer is now the Republic of Armenia. The Ararat Cement Plant will very soon be de jure returned to the Armenian people,” Pashinyan said.

The factory, stylized as AraratCement, is located in the town of Ararat in the eponymous province. It was reportedly acquired by Tsarukyan’s Multi Group in the early 2000s.

Armenia’s Prosecutor General’s Office said it reviewed the privatization of the factory carried out under a 2002 government decision, and following findings suggesting possible criminal elements, it submitted a crime report to the Anti-Corruption Committee on May 5, 2026, which led to the opening of a criminal case on May 7, 2026 on charges related to abuse of official powers and large-scale money laundering.

In parallel with the investigation, the Prosecutor’s Office continued to exercise its mandate to protect state interests, including sending a letter to the Government of Armenia on May 5, 2026, proposing that appropriate administrative measures be considered to address violations and their consequences at the company, including the possible appointment of an interim administrator.

The original version of this article has been updated to include a statement from the Prosecutor General’s Office.