Armenian Authorities Freeze Hundreds Of Assets Linked To Opposition Leader Gagik Tsarukyan

Armenian authorities have imposed restrictions on hundreds of assets belonging to opposition Prosperous Armenia Party leader and businessman Gagik Tsarukyan as part of proceedings concerning the confiscation of allegedly illicitly acquired property.

The measures cover 29 real estate properties, 488 movable assets, 33 vehicles and Tsarukyan's stakes in 27 companies, according to Armenia's Compulsory Enforcement Service.

Restrictions have also been imposed on shares and stocks in 40 legal entities affiliated with Tsarukyan, as well as property belonging to those entities.

The measures were implemented within enforcement proceedings initiated on the basis of a decision by Armenia's Anti-Corruption Court and are being handled by the Special Purpose and Confiscation of Illegally Originated Property Department of the Compulsory Enforcement Service.

Authorities have additionally placed under seizure a large amount of money and valuable jewellery discovered during a search of Tsarukyan's private residence by Armenia's Investigative Committee.

Tsarukyan has also been prohibited from taking actions aimed at unlawfully managing or disposing of the property identified and seized during the proceedings.

Separately, enforcement officers imposed restrictions on real estate and buildings belonging to Tsarukyan on the shores of Lake Sevan.

Under those measures, changes in ownership of the properties have been prohibited. Tsarukyan is also barred from carrying out actions that could unlawfully alter or worsen the physical condition of the properties while the proceedings continue.

The restrictions form part of Armenia's legal proceedings targeting assets authorities allege may have been acquired through unlawful means.

The seizure measures do not in themselves constitute a final confiscation of Tsarukyan's assets. A determination over whether property is ultimately subject to confiscation remains part of the judicial process.

Tsarukyan is one of Armenia's wealthiest businessmen and the founder and leader of the opposition Prosperous Armenia Party. He has for years maintained extensive business interests across several sectors of the Armenian economy.

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