The Yerevan Municipality has taken ownership of the Multi Wellness sports complex associated with Armenian businessman and Prosperous Armenia Party leader Gagik Tsarukyan, placing the facility on the municipality’s balance sheet.
According to the municipality’s press service, the complex was constructed on community-owned land that is not subject to alienation and was built with regulatory violations. Based on these findings, municipal authorities unilaterally terminated the existing agreement, resulting in the transfer of the building to municipal ownership.
The municipality stressed that the decision was based on violations identified a year ago and was not related to the ongoing legal proceedings involving Tsarukyan.
“This process began much earlier and was supposed to take place regardless of any other developments. The building is planned to continue being used as a sports complex,” the municipality said.
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An Armenian court has ordered Araratcement, the cement producer owned by businessman and Prosperous Armenia Party leader Gagik Tsarukyan, to be placed under state management and protection after approving a motion filed by the Prosecutor General's Office.
The ruling forms part of broader legal proceedings aimed at confiscating a significant portfolio of assets linked to Tsarukyan, Caliber.Az reports, citing Armenian media.
Prosecutors are seeking the seizure of 75 real estate properties, along with the market value of 10 additional properties, 57 of which are located in Yerevan. The confiscation request also covers 42 vehicles, stakes in 38 companies—including the Multi Group conglomerate, Multi Autotrans LLC, Onira Club LLC, and other legal entities—as well as more than 105 billion drams (approximately $284 million).
According to prosecutors, the financial claim includes what they describe as the remaining proceeds of allegedly unlawful income, as well as funds issued in the form of loans.
The latest court decision follows earlier remarks by Armenian Prime Minister Nikol Pashinyan, who publicly vowed to "break" Tsarukyan's "business backbone," seize his assets—including Araratcement—and convert his residence into a care centre for the elderly.
By Vafa Guliyeva
