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Ivanishvili's Seized Assets Put on Auction

03.07.2012

Aleksi Bezhanishvili
According to Civil Georgia and Interpresnews

The National Bureau of Enforcement announced on July 2 about the launched of an online auction to sell those assets, which have been seized from leader of Georgian Dream opposition Coalition Bidzina Ivanishvili after he refused to pay GEL 74.32 million fine.

On June 26, the National Bureau of Enforcement announce seizure of 100% share of Bidzina Ivanishvili in Cartu Bank, 21, 7% of shares in Progress Bank and 100% of share in Cartu Group.

Ivanishvili denied possession of any assets in Cartu Bank, whose owner is Cartu Group. He said he had assigned his shares to his son Uta early in May. However, Ivanishvili confirmed possession of shares in the Progress Bank founded by his party member and former football player Kakhi Kaladze; he purchased assets there in November of 2011.

His spokesperson, Maia Panjikidze, said earlier on July 2: “They [the authorities] are trying to sell an asset, which is not at all owned by Bidzina Ivanishvili.”

The National Bureau of Enforcement, which relied on the information provided by the National Bank of Georgia – Ivanishvili still owned assets in the abovementioned banks, stated that State Expertise Bureau evaluated Ivanishvili’s assets in Cartu Group with 151 880 661 lari and in Progress Bank with 3 566 498 lari – 50% of this price is the starting price of the assets put on auction.

“Consequently, Starting price for Cartu Bank shares is GEL 75.94 million and GEL 1.78 million for 21.7% shares in Progress Bank,” the NBE stated its press-release.

According to Civil Georgia, both lots were already put on the website of the online auction, where, according to official information, online auction for Cartu Bank shares will be closed at 6 pm local time on July 10 and for Progress Bank shares one hour later on the same day.

The NBE also stated that if the debtor pays the imposed fine, the online auction will be dropped and the seizure will be removed from the assets.

Bidzina Ivanishvili stated several times that they do not intend to pay the imposed fine of 74 32 million lari for the alleged violation of the Law about Party Funding because the court judgment is unfair and is part of the government’s campaign against political opponents.

Who Will Purchase Cartu Bank?

Nobody has registered as a purchaser of any lot at the ongoing online auction on the website eauction.ge.

According to the information on the website, guarantee fee for the participation in the online auction can be paid by plastic card and/or by online bank service.

The winner is entitled to pay the full price of the property within 10 calendar days after the auction finishes and will accept the resolution on property ownership within 3 working days. The property can be inspected before realization on the place.  

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