Armenia seizes Tsarukyan's cement company

Armenia has seized control of a cement company owned by arrested opposition leader Gagik Tsarukyan, a billionaire businessman and former world arm wrestling champion. Tsarukyan was arrested on July 6 on suspicion of fraudulently importing $21 million worth of goods from Iran. He is the leader of the pro-Russian Armenia — Prosperous Armenia party and has been placed in detention for two months while awaiting trial on charges he rejects as politically motivated. The asset seizure stems from a lawsuit filed in October 2023, and on July 16 the Armenia — Anti-Corruption Court of Armenia granted a petition to transfer Tsarukyan's shares in the cement company to the Armenian government. The lawsuit also demands that Tsarukyan hand over real estate, vehicles, relinquish roles in 38 companies, and pay 108 billion Armenia — Armenian dram ($296 million). Prime Minister Nikol Pashinyan, who won re-election last month, has vowed to pursue criminal cases against opposition parties he describes as 'the three-headed spy party of war'. Critics accuse Pashinyan of waging a crackdown on opponents. The European Union has supported Pashinyan's pro-Western shift, but local analysts warn of political instrumentalization of the law.