Who Owned Georgia English.pdf

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In cases when the owner of a business is a foreign companyregistered in an offshore zone, the public registry does notprovide additional information about beneficial owners. Acase in point is Caucasus Online. The public registry revealsthat it is fully owned by International Online Networks, a BVIlimited partnership whose owners are not officially disclosed. 129According to some reports 130131 , International Online Networksis owned by two foreign companies: Nelgado Limited, whichowns 50% of shares and Growth Master Holding IC, which owns19.94%. Mamia Sanadiradze, the founder and former directorgeneral of Caucasus Online owns 30.06%. 132 However, there isno information whatsoever about the owners of Nelgado Limitedand Growth Master Holding IC. Moreover, the names of thereal owners of Caucasus Online are concealed under the guise ofdifferent shell companies and/or subsidiaries, which presents along and complicated chain of ownership.The ownership structure of mobile telecommunicationscompanies in Georgia are no less opaque. The country’s threemajor providers are owned by foreign companies whoseownership information is rather ambiguous.We do know that Geocell is fully owned by the Turkishcompany, Gürtel Telekomünikasyon Yatirimve Dis TicaretA.S. 133 This in turn is owned by Fintur Holdings B.V., which is129 Public Registry. Ministry of Justice of Georgia. 08/11/2012 https://enreg.reestri.gov.ge/main.php?c=mortgage&m=get_output_by_id&scandoc_id=471443&app_id=546985 Accessed 05/12/2012130 Characteristics of Georgian E-Market. Thea Topuria Media.ge 02/02/2011http://www.media.ge/en/node/40134 Accessed 13/12/2012131 Caucasus Online Investing 10-15 Million USD in Underground FibreOptic Infrastructure. Keti Chkhikvadze. The Financial September 27,2010. http://www.finchannel.com/Main_News/Tech/71570_Caucasus_Online_Investing_10-15_Million_USD_in_Underground_Fibre_Optic_Infrastructure/ Accessed 13/12/2012132 Ibid133 Public Registry. Ministry of Justice of Georgia 29/11/2012 https://enreg.reestri.gov.ge/main.php?c=mortgage&m=get_output_by_id&scandoc_id=477704&app_id=544594 Accessed on 05/12/201234
owned mostly by the Nordic telecom giant, TeliaSonera, (58.55%shares) and claims to own 74.3% of shares in Geocell. 134 Turkcellowns the remaining shares of Fintur Holdings B.V.Magticom, Georgia’s second largest provider of mobiletelecommunications is officially owned by two Americancompanies - International Telcell Celular LLC (ITCL), whichowns 51% of the shares and Telcell Wireless LLC, which hasthe remaining 49% 135 . TI Georgia found that, as of August 26,2010, Telcell Wireless is a wholly owned subsidiary of ITCL.In addition, Gia Jokhtaberidze, the founder of Magticom andthe son-in-law of former president Eduard Shevardnadze, has51% of ITCL’s shares while his affiliate company, GemstonePartners, also has minor shares (3%) of ITCL 136 . On February20, 2004, police boarded a scheduled Tbilisi-Paris flight at theTbilisi airport and arrested Jokhtaberidze for tax evasion. Hisfamily claimed the arrest was political persecution. In April,Jokhtaberidze paid $15.5 million to the state to have charges heevaded paying 700,000 GEL dropped.Mobitel, which was established in 2003, 137 is another cellphone operator with a rather opaque ownership structure,although when you connect most of the dots, they lead tothe Sharangia brothers. According to the public registry, thecompany has three official owners: LLC Watertrail Industries,with 51% of the shares, LLC Delgado Resources with 32% of134 TeliaSonera Website http://www.teliasonera.com/en/about-us/markets-andbrands/georgia/Accessed 12/09/2012135 Public Registry. Ministry of Justice of Georgia. 01/11/2012 https://enreg.reestri.gov.ge/main.php?c=mortgage&m=get_output_by_id&scandoc_id=469258&app_id=544491 Accessed on 05/12/2012136 Disclosure Statement With Respect to the Chapter 11 Plan ofReorganization for MIG, Inc. http://bankrupt.com/misc/MetroMediaIntl_DisclosureStatement.pdf Accessed 12/09/2012137 VimpelCom buys controlling stake in Georgia’s Mobitel http://en.rian.ru/business/20060712/51261837.html Accessed 12/09/201235
Page 5 and 6: INTRODUCTIONOne day shopping with m
Page 7 and 8: closely affiliated to Eduard Shevar
Page 10 and 11: news to the Autonomous Republic of
Page 12 and 13: If the authorities had wanted, they
Page 14 and 15: Tbilisi Mayor Gigi Ugulava, who was
Page 16 and 17: Kakhi Beqauri and Eldar Mdinaradze.
Page 18 and 19: oadcasting 39 but sold the frequenc
Page 20 and 21: He went on to say that later that d
Page 22 and 23: with Russia, which sent the nation
Page 24 and 25: Irakli Okruashvili case in Septembe
Page 26 and 27: them in the street. They took trans
Page 28 and 29: Maestro contends the dishes were pa
Page 30 and 31: In the meantime, Chikovani has rema
Page 32 and 33: General Media arrived in early 2011
Page 34 and 35: merger of the Caucasus Network, Geo
Page 38 and 39: the shares and LLC Investico Allian
Page 40 and 41: 38WHO OWNED OUTDOOR ADVERTISING?Whe
Page 42 and 43: The latest Civil registry entry has
Page 44 and 45: On September 12, 2011, JSC Adprojec
Page 46 and 47: ut we are only partly correct. The
Page 48 and 49: estaurants to confiscate documents
Page 50 and 51: Delta Holding, the football (soccer
Page 52 and 53: A PHARMACEUTICAL OLIGOPOLY“Why ar
Page 54 and 55: to construct manufacturing sites an
Page 56 and 57: A loan from the European Bank for R
Page 58 and 59: People’s Pharmacy, a small pharma
Page 60 and 61: the large import/distributors and r
Page 62 and 63: that the decrease could be their sh
Page 64 and 65: Kvadimax, Enozid H, Musitroli, Amta
Page 66 and 67: 64IT’S CALLED DEVELOPMENTIn 2002
Page 68 and 69: uling party leader in the region wa
Page 70 and 71: Federation. The Georgian prosecutor
Page 72 and 73: went to Argilstone Investment and 4
Page 74 and 75: (10%). 290 Like Lemise, Interplast
Page 76 and 77: then buying it back from that group
Page 78 and 79: elonged to Kapital Vostok, a Swiss
Page 80 and 81: a fantasy settlement just south of
Page 82 and 83: made quite a profit, as Sairme is i
Page 84 and 85: and the Tbilisi Development Fund, t
Page 86 and 87:
land from the Fund along Aghmashene
Page 88 and 89:
On December 24th, the economy minis
Page 90 and 91:
had never been properly notified. 3
Page 92 and 93:
In 2009, Stanton was renamed GeoPro
Page 94 and 95:
Tkibuli is a derelict post-Soviet i
Page 96 and 97:
POSTSCRIPTWhen Georgians went to th
Page 98 and 99:
While Rustavi 2 was passing through
Page 100 and 101:
On October 5, Maestro TV and Global
Page 102:
and further reasons why foreign inv
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