By the order of the Minister of Economy Gevorg Papoyan, David Hovik Gevorgyan has been appointed as the manager of Araratcement LLC. He is a member of the Civil Contract party, and on June 8, 2018, he was appointed as the Deputy Minister of Territorial Administration and Development of the Republic of Armenia. From 2018 to 2021, he served as the governor of Aragatsotn Province, and on November 29, 2022, he was appointed as the assistant to the Prime Minister.
Araratcement was owned by Gagik Tsarukyan, the president of the Prosperous Armenia party and owner of Multi Group. On July 16, 2026, it became known that within the framework of the procedure for the confiscation of property of illegal origin, based on the petition of the Prosecutor General's Office, Araratcement LLC was handed over to the management and protection of the Republic of Armenia by the decision of the Anti-Corruption Court.
