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Victimized deposit holders of the Financial Company Georgia and Golden Fleece – situation now and 20 years ago

November 9, 2016
 
There is a risk that the Financial Company Georgia will not return 30 000 000 USD debt back to the citizens, who lent their deposits to the company. 

20 years ago, the victimized deposit holders of the Ltd Golden Fleece still cannot receive their legal payment today. 

Human Rights Center is processing two cases, where thousands citizens are victimized. 

Human Rights Center addresses the Chief Prosecutor’s Office, the Court and the National Enforcement Bureau to adequately evaluate the circumstances and defends the citizens’ rights who were victimized first in 1990s and now in 2016. 

The deposit holders of the Ltd Financial Company Georgia claim their money back immediately. The Company does not function now – the deposit holders do not get their monthly interests for 2 months already. Recently, the moveable property of the Company – vehicles – was sequestered. 

Since 2008, the Ltd Financial Company Georgia used to take loans from citizens at inadequately high percentage – 25% and the debt was increasing daily. During years, the Company conducted large-scale advertising campaign to gain public trust; famous singers participated in the roll.

Nowadays, because of financial problems of the financial company, up to 6 000 citizens might not get their deposits back, which amounts to 30 million USD.

Human Rights Center defends rights of one of the victimized deposit holders, who had lent some of his savings to the company like other citizens. On November 4, he appealed the Tbilisi City Court and requested to cease his agreement with the company and get the debt back. At the same time, he requested to sequester the vehicles registered on the company. The Court satisfied his claim and sequestered the company’s property – vehicles. 

The National Bank of Georgia several times warned citizens not to give loans to financial companies, if they offered inadequately high interests. 

Since the Ltd Financial Company Georgia did not implement its tax obligations, the company’s property is mortgaged and sequestered. In parallel to that, part of the citizens has appealed the court and requested to cease the agreements immediately. At the same time, citizens address the prosecutor’s office to get interested in the fact and start investigation into the extortion of particularly large amount of money (swindle).
Human Rights Center processes case of the deposit-holders of the Ltd Golden Fleece, in which the 2003 court judgment is not yet enforced. The deposit holders claim they cannot get their money back because of personal interests of high officials. During years, the Enforcement Bureau tried to prolong the enforcement process and even today the Tbilisi Enforcement Bureau tries to place unmeasured, faulty property on the auction to satisfy the deposit holders with minimal amount of money. Namely, the deposit holders blame Mikheil Sarjveladze, deputy minister of justice, in dragging out of the enforcement of the court judgment; during years he was attorney of the defense side – the Ltd Golden Fleece in the court process.

Human Rights Center addresses all responsible institution, to defend the rights of the victimized deposit holders properly to avoid a new wave of the victimized deposit holders in future. 

Human Rights Center 

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