CEO seeks bankruptcy for Tsarukyan's company

PanARMENIAN.Net - Sedrak Arustamyan, CEO and Chairman of the Board of the Multi Group concern, has filed a lawsuit demanding the bankruptcy of Eurasia-Multi Trade Company LLC, which is co-owned by the concern's founder Gagik Tsarukyan. The bankruptcy petition was submitted to the court on August 25 (Case number: SnD/2695/04/25; Judge: Inga Barseghyan), according to Factor.am .

The state duty for the case amounts to AMD 1 million. The basis for Arustamyan’s bankruptcy request is not yet clear from the case materials.

Notably, about three months ago, in June, the Kotayk Regional Court ruled in favor of a lawsuit filed by "Southern Terminal" CJSC demanding debt collection from "Eurasia-Multi Trade Company". According to Datalex, the company imports goods from Iran and stores them at Southern Terminal until the necessary documentation is processed. In May 2023, it placed another batch of goods at the terminal under transit declarations but has not made payments since July 2024. The goods remain in storage, and the company’s debt has reached around 2 million AMD.

According to the electronic registry, Gagik Tsarukyan owns 50% of Eurasia-Multi Trade Company, with the remaining 50% held by Iranian citizen Arman Olamaei Hajiali. The company was founded in March 2022 with a charter capital of AMD 10,000. However, in August 2023, a seizure was imposed on Tsarukyan’s share amounting to AMD 124.9 billion.

According to Tsarukyan’s 2024 asset and income declaration, he lent 6.2 million euros to the company.