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Government Finished Nine-Month Fight with Cartu Bank

July 13, 2012

Aleksi Bezhanishvili

On July 12 the Tbilisi City Court approved a motion by the National Bureau of Enforcement to appoint Vladimer Ugulava as a manager for 100% shares of Cartu Group and 21.7% shares another Tbilisi-based bank Progress Bank.

“On July 12, the Tbilisi City Court approved motion of the National Bureau of Enforcement to appoint manager of 100% of the JSC Cartu Bank and 21, 71450% of the JSC Progress Bank. President of Economic Policy Research Center (EPRC) Vladimer Ugulava was appointed to the position due to professional and practical experience,” the statement of the Enforcement Bureau reads.

According to the National Bureau of Enforcement, Ugulava participated in the establishment of several successful financial institutions, among them he was member of Board of Supervisors at the Insurance Company Aldgai BCI and was director of the TaoPrivatBank.

During the governance of previous president Shevardnadze he was secretary of the Coordinating Council of Anti-Corruption Politics and member of the National Security Council.

According to Civil Georgia, The National Bureau of Enforcement (NBE) put 100% shares of Cartu Bank and 21.7% shares in Progress Bank on auction earlier this month after Ivanishvili refused to pay GEL 74.32 million fine imposed on him in June for alleging violating party funding rules. Ivanishvili says that he is no longer a beneficial owner of Cartu Bank after handing over his shares to his eldest son Uta.

Online announced  in which starting price for Cartu Bank was GEL 75.94 million and for 21.7% shares in Progress Bank - GEL 1.78 million, was closed on July 10 without anyone making a bid.

After that NBE announced about imposing, as it put it, “forced management regime” on these assets, saying that the regime, which actually is conservatorship, aims at reclaiming amount of fine which Ivanishvili refused to pay. NBE said that while the debtor will remain owner of the property, “new manger” will enjoy with “all the rights of owner until termination of the forced management regime.”

Interpresnews reports that after Vladimer Ugulava was appointed to the position, personnel changes started in Cartu Bank. Nodar Javakhishvili was resigned from the position of director general of Cartu Bank and president of Cartu Group. Javakhishvili said entire administration members were sacked from Cartu Bank. Protocol on their dismissal passed at the session of the new Board of Trustees was delivered to them by post.

“It was impossible to fire all authoritative officials from the bank. We have not seen Ugulava. The government has finished nine-month fight with Cartu Bank with it,” Javakhishvili said.

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