Sedrak Arustamyan

Logo of Sedrak Arustamyan

Sedrak Arustamyan is widely believed to serve as a proxy owner for Kentron TV, meaning he holds legal ownership on paper while the actual control and beneficial ownership likely rests with someone else—specifically, politician and businessman Gagik Tsarukyan. This arrangement allows the true owner to maintain control while avoiding direct legal ownership, often for regulatory, political, or financial reasons.


The evidence supporting this proxy relationship is substantial. Arustamyan is deeply embedded in Tsarukyan's business network, serving as shareholder or director in multiple Tsarukyan-controlled companies. Most significantly, he functioned as Tsarukyan's trusted business manager during periods when Tsarukyan, as a member of parliament, was legally prohibited from engaging in business activities. The family connections extend beyond business: Arustamyan's daughter, Nora Arustamyan, served both as Tsarukyan's assistant and later as a National Assembly member representing his Prosperous Armenia party.


Their intertwined legal troubles further demonstrate the closeness of their relationship. Arustamyan faces charges in two cases before the Anti-Corruption Criminal Court, with Tsarukyan named as co-defendant in one case involving alleged vote-buying during elections to benefit Prosperous Armenia. Additionally, Arustamyan is respondent in two civil asset forfeiture cases, with prosecutors seeking confiscation of his money, real estate, and vehicles. Tsarukyan appears as co-respondent in one of these civil cases. Sedrak Arustamyan is a member of the Board of Directors of “Multi Media-Center TV” CJSC.


This pattern of shared business interests, legal representation during parliamentary restrictions, family political appointments, and joint legal proceedings strongly supports public perceptions that Sedrak Arustamyan functions as a nominee owner for the Tsarukyan family's actual control of Kentron TV.

Media Companies / Groups

Media Outlets

Facts

Other Media Outlets

Online 

affiliated_business_interests

Fish farming

  • Ecofish Trade LLC (33%)

  • Raps LLC (100%)

 

Electricity production 

  • Jermuk Turboshin LLC (40%)

 

Freight transport

  • Multi Intertrans LLC (Director)

Other retail trade

  • Multi Diamond LLC (Director)

  • Up World Investment Capital LLC (100%)

 

Production of cast iron, steel and ferroalloys 

  • Arsilicium LLC (Director)

 

Alcoholic beverages

  • Multi Alco LLC (Director)

 

Forestry

  • Multi Eco LLC (Director)

Affiliated Interests Family & Friends
  • Garik Arustamyan
    Garik Arustamyan, son of Sedrak Arustamyan, operates five companies in the public catering sector, though two of these businesses currently have suspended operations. Like his father, he faces legal scrutiny in the Anti-Corruption Court, where he serves as respondent in a civil asset forfeiture case. Prosecutors are seeking confiscation of allegedly illicitly acquired assets belonging to the Arustamyan family, including money and both movable and immovable property.
  • Nora Arustamyan
    Nora Arustamyan, daughter of Sedrak Arustamyan, has followed a political career path rather than business involvement. She served as an assistant to Gagik Tsarukyan before advancing to the National Assembly as a member of the Prosperous Armenia party. Her current party membership status is unclear from available records. Unlike her father and brother, who face legal proceedings related to business activities, Nora Arustamyan does not appear to have corporate involvement or registered business interests. Her career has been centered within the Tsarukyan political network, demonstrating the family's deep integration into the Prosperous Armenia party structure.
  • Gagik Tsarukyan
    Gagik Tsarukyan is a well-known businessman and politician, and the founding president of the Prosperous Armenia party. He has been a member of the National Assembly for many years and is considered one of the wealthiest people in Armenia. Publications by the “Hetq” newspaper detail Tsarukyan’s multi-branch business empire, which began in the Abovyan region and expanded across Armenia, as well as beyond, to former Soviet and European countries. His businesses include the “Multi Group” conglomerate, the “Arinj Mall” shopping center, the “Ararat” brandy, wine, and vodka plant, and other enterprises. In 2021, Armenian authorities demanded that Gagik Tsarukyan return illicitly acquired assets, including 79 real estate properties, 42 vehicles, 86 billion AMD, and shares in 39 companies. It has long been publicly known in Armenia that the “Kentron” TV channel belongs to Gagik Tsarukyan. The channel became associated with Tsarukyan’s name in 2004, when it was purchased by Murad Gulyan, Tsarukyan’s fellow villager, relative, and member of parliament from the Republican Party faction, who later became a member of Tsarukyan’s Prosperous Armenia party. A 2005 article by “Hetq” notes: “One of the responsible persons of ‘Kentron’ admitted to us that he reports only to Gagik Tsarukyan. ‘Murad Gulyan does not exist,’ he said literally about a living, breathing person.” Currently, the 100% shareholder of “Multi Media-Kentron TV” CJSC, which manages “Kentron” TV channel, is Sedrak Arustamyan, who has deep business ties with Gagik Tsarukyan. From 1998 until June 2020, he was the director of “Multi Group” CJSC, whose owners are Gagik Tsarukyan and his son. This company is one of the key businesses of the Tsarukyan family. At present, Arustamyan is either a shareholder or director in several companies connected to the Tsarukyan family.
Data Publicly Available
ownership data is easily available from other sources, e. g. public registries etc.
Headlines
Meta Data

Information about Sedrak Arustamyan is relatively accessible from multiple sources. Biographical data has been published on the Multi Group corporate website, owned by the Tsarukyan family, while additional information was obtained through media reports, official government registries, and public records. The availability of information from Tsarukyan family business sources further supports the close relationship between Arustamyan and the Tsarukyan network.

Sources
Documents (PDF)
  • Multi Media-Kentron TV CJSC profile (Armenian)
    File
  • Multi Media-Kentron TV CJSC Beneficial ownership declaration (Armenian)
    File
  • Multi Media-Kentron TV CJSC CEO (Armenian)
    File
  • Multi Media-Kentron TV CJSC charter (Armenian)
    File
  • MOM request to Kentron TV (Armenian)
    File
  • Multi Media-Kentron TV CJSC financial report (Armenian)
    File
  • Kentron TV response to MOM request (Armenian)
    File