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British Investor Blames Georgian Court in Criminal Deals

November 20, 2009

The executive of the companies “Georgian steel” and “Cast Iron XXI” gave the shares of the British company „Thames Steel UK Limited” to the creditor company “Kolkhi Business Corporation”. Thomas Blake, director general of the British company, stated about it at the press conference on November 19. Blake has not announced the amount of debt to this company yet.

Reportedly, on November 2, executive bureau of the Ministry of Justice held one more auction on the shares of “Thames Steel UK Limited” - JSC “Georgian Steel” and “JSC Cast Iron XXI”. Nobody expressed desire to buy the property. On November 4 private executor Tamar Kapanadze informed the lawyers of the British company that assets of the company were assigned to the creditor on the day of auction.

“Criminal groups seized shares of our company through Georgian judicial system and direct support of the court. The Georgian Court helped this criminal group with the verdict which prohibited the “Thames Steel UK Limited” to control its shares in Georgia. Besides that, the Court supported the process of compulsory execution, which was not transparent; it was unfair and groundless action against our holding company,” stated Thomas Blake.

Blake appeals to international courts and requests compensation. “We petitioned to the president Saakashvili and prime-minister Gilauri to study the case but we have not received reply yet. Unfortunately Georgian government is focused only on the attraction of investments and does not care of their protection” said Blake.

British company will continue to find a solution with the government of Britain. According to Blake, main problems with the management of Rustavi factory started after the leadership of the British company demanded the member of the supervisory council Joseph Key to resign.

“Thames Steel UK Limited” is the owner of LTD “Energy and Industry” complex, which itself is the owner of “Georgian Steel” and “Cast Iron XXI”

“Thames Steel UK Limited” purchased LTD “Energy and Industry” in 2007 for 70 million dollars.

Source: InterPressNews

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