Change of Management or Political Intrigue?: Cement factory suspension raises suspicions

Ararat Cement, one of the leading tax paying business in Armenia, which belongs to leader of Prosperous Armenia Party (PAP), tycoon Gagik Tsarukyan, has stopped work, and there is speculation that the closing is somehow connect to politics.

The factory employs more than 1,000 workers.

Previously owned by the family of former Minister of Defense (later Prime Minister who was a victim of the October 27,1999 parliament killings) Vazgen Sargsyan, the plant has been owned by Tsarukyan as part of is Mulit-Group holdings, since 2003.

Employees of the factory are saying the suspension of work is connected with the possible change in the factory's management staff. It is a possibility that the Sargsyans might recover their former share in the factory, and Armen Sargsyan could be appointed executive director of the factory.  Read more... (297 words)

Armenian News