Law-enforcement authorities searched and sealed off their offices on July 6 as they demonstratively arrested Tsarukian on charges rejected by him as politically motivated. Only one of those companies, Armenia’s sole major cement plant, has since been allowed resume its operations. Thousands of people working for the other entities of Tsarukian’s Multi Group remain out of work.
“The most painful thing for me these days is that people in all the companies affiliated with me have been deprived of the opportunity to go to work and earn their daily bread,” Tsarukian said in a statement released from prison.
“It is clear to everyone that those enterprises were illegally halted to cause me pain. I want to express hope that reason will eventually be restored and they will stop hindering the work of those enterprises,” added the 69-year-old tycoon leading the opposition Prosperous Armenia Party (BHK).
Tsarukian is accused of defrauding Iranian business partners in 2022-2024. He argued that the accusations have “nothing to do” with the company shutdowns.
So far the authorities have explained only the forced closure of the cement plant and Multi Group’s large fitness center located in central Yerevan. The State Revenue Committee has accused both companies of tax evasion.
Armenia – Workers of Multi Wellness fitness center protest in Yerevan, July 11, 2026.
Armenia’s Investigative Committee, which plays the central role in the criminal proceedings, remained on Wednesday unwilling to say when the Multi Wellness center and other Tsarukian-owned firms will be able to resume their work. Scores of their employees have staged protests outside company premises in recent days.
“When will we be allowed to work?” said a woman working at the Multi Stone stone-cutting plant near Yerevan. “This plant is our sole source of income.”
Another, male employee warned that the protesters will take more drastic actions if the authorities continue to keep them out of work. “Our families stand with us and will definitely join us,” he told RFE/RL’s Armenian Service.
The BHK was one of the three main opposition groups that ran in Armenia’s June 7 parliamentary elections and accused Pashinian of rigging them. Pashinian pledged to imprison and “dispossess” their leaders even before the announcement of the official election results that gave victory to his party.
Tsarukian’s representatives say Pashinian’s statements prove that the investigators are acting on his politically motivated orders. According to them, Multi Group is now planning to challenge the shutdowns in local and international courts.
