ZPMC Deputy Director Accused: Who is Narek Ambarian and What Connections Does He Have?

Narek Gurgeni Ambarian has held leadership positions at the Zangezur Copper-Molybdenum Combine (ZCMC) for many years. Since July 1, 2014, he has served as the first deputy general director of the combine, and from March 1, 2018, he has also been a member of the board.

Prior to transitioning to the private sector, Ambarian worked in law enforcement - he was an investigator for particularly important cases at the Military Prosecutor’s Office of Armenia, and also served as a prosecutor. His father, Gurgen Ambarian, was the head of the information department of the Prosecutor's Office for many years.

What Charges Have Been Filed?

According to law enforcement, Ambarian has been accused of using his administrative and other powers to act against the interests of the company for his own and others' benefit, resulting in severe consequences for the company. Ambarian denies the charges, asserting that he acted within the limits of his authority.

Connection to Hakari LLC

Ambarian's name has previously appeared in media reports. In 2020, Hetq reported that Anahit Ghaltakhchyan, Narek Ambarian's wife, is a shareholder in Hakari LLC, which operates the Hakari-2 hydroelectric station. According to the report, she holds a 25% stake in the company. It is noteworthy that Vahé Hakobyan’s wife, Elizabeth Petrosyan, also holds a 25% stake in the same company. Vahé Hakobyan has previously worked in the prosecutor’s office.

For a large and systemically significant company like ZCMC, transparency and accountability should be at their highest, but no transparency has been observed. Even our inquiries have gone unanswered.

It is worth mentioning that Narek Ambarian, the former first deputy general director of ZCMC, has occasionally been compared to another prominent figure associated with economic trials, former MP and former governor of Syunik, Vahé Hakobyan. Reports have circulated that in the ongoing criminal case, Narek Ambarian has been arrested alongside Vahé Hakobyan's brother, Karen Hakobyan, the president of the Reborn Armenia party.