Sale of Cartu Group Assets to Be Evaluated as Expropriation of Foreign Investments

Sale of Cartu Group assets will be evaluated as expropriation of foreign investments – Chris Vasiliades, lawyer of foreign shareholders of the Cartu Group, stated at the press-conference in the Tbilisi Marriot on July 9.

He said foreign shareholders of the Cartu Group call upon the government of Georgia to stop auction of the company assets.

“We would like to call upon the government of Georgia to sell assets of 16 shareholders of Cartu Group on the auction because it is property of other people,” Chris Vasiliades said.

According to his clarification, unless the government of Georgia rejects their suggestion and sells assets on the auction, this fact will be evaluated as expropriation of foreign investments.

“In this case, foreign investors and companies, whom we represent here, will start international litigation against Georgian state,” Chris Vasiliades said and added that Cartu Group has 16 shareholders, 14 of them are foreign companies and 2 Georgian ones.

“Shareholders of Cartu Group, directors of foreign companies sent us to Georgia because we have learned alarming information about Georgian government’s intention to sell 100% of Cartu Group assets on the auction on July 10. We categorically declare that Bidzina Ivanishvili does not hold shares in Cartu Group JSC and he has no connection with the shareholders of the Cartu Group,” Chris Vasiliades said.

Additionally, according to his information, before April 30, 2012 Finseck Ltd, Carpan Managements Ltd, Crista Investment Ltd, Sargans Ltd and two Georgian companies were shareholders of Cartu Group. On April 30, 2012 Finsek Ltd sold all its assets to Benfield Investment Ltd, Sunwars Holding Ltd and Charwood Finance Ltd.

“Besides that, on April 30, 2012 Carpan Managements Ltd sold part of its shares to Frankland Holding Ltd, Ropwind Investments Ltd, Alderal Investment Ltd, Laven Holding Ltd, Badpuri Holding Ltd and Drofield Investment Ltd.

According to the lawyer, on April 30, 2012 Crista Investment Ltd sold part of its shares to Palway Holding Ltd.

On the same day, Sargans Ltd sold part of its shares to Marsten Holding Ltd.

“We would like to underline that Bidzina Ivanishvili does not own any of the abovementioned companies. Completely different owner and shareholder stands behind each company,” lawyer of the Cartu Group’s shareholders stated.

Interpresnews