Who Owned Georgia English.pdf

Kapanadze. 277 Lemise later bought out Adeishvili’s shares.Caucasus Cereal then purchased 4 units of land that had beenowned by the MIA (76.700 sq. meters) in Tbilisi’s Digomi areaon January 6th 2006 for $3,451,500. This property was part of72,836 sq. meters of land Rakeen bought for $7,283,600 for its“Rakeen Uptown” project. Caucasus Cereal Company made aneasy $3,832,100 on the deal and kept 3900 meters of land. 278For the Caucasus Cereal Company, Rakeen has been nothingless than manna from heaven. On Dec 27, 2005, the cerealcompany bought the Vardzia Tourist company on auction for$141,677. This hotel in the Aspindza region, near the Vardziamonastery complex, consisted of 31,500 sq. meters of land,mineral baths and other buildings. They turned it over to Rakeenfor a nifty $2 million. 279Rakeen was not the only windfall to come from the UAE.On May 25th, 2006, the Caucasus Cereal Company bought Goniohospital and its 3000 sq. meters of land on Adjara’s Black Seacoast for $210,000. By agreement, the Company had 24 monthsto invest $2 million in the property by building an 80 room hotelcomplex and an ambulatory on 300 sq. meters of land, in additionto furnishing it with modern office and medical equipment at anestimated investment cost of $120,000. Twenty-two months andno investments later, the Caucasus Cereal Company sold the landto the Ras al Khaima Investment Authority Georgia (RAKIA) for$1,267,499. In this deal the company made $48,045 a month fordoing nothing. 280On Sept 3rd, 2007 the shareholders of Lemise Company Ltddecided it was time to go offshore and sold their shares to twocompanies registered in Panama on December 27th 2006: 60%277 Ibid278 Minister’s Friend - A Studio Monitor Investigation. Available at http://www.youtube.com/watch?v=8xDdy5M2WrI Accessed 05/12/2012279 Ibid280 Ibid69