Who Owned Georgia English.pdf

even if it was not registered until a later date. The lawappliedto all existing contracts, whenever they were concluded. Thismeant that if I owed the state taxes on property that I used assecurity for a bank loan, the state could take it away from thebank. Put another way, this law would question the priority ofevery secured transaction made in Georgia. What bank wouldmake a loan with Georgian property as collateral? For a countryaiming to attract foreign investment, the law was like a ForeignDirect Investment suicide letter. Fortunately for the 18 banks ofGeorgia, the legislation was applied exclusively to Cartu Bank.Ivanishvili claims the State stripped him of 195 assets of a valueover $114.6 million before it abolished the law on March 30th,2012. 287Some of Sergei Kakalashvili’s collateral at Cartu was seizedand auctioned off, but since no buyers appeared at the auction,the property went to the state. Meanwhile, Kakalashvili wasselling assets to companies he owned with high debts to theState, which also ended up being acquired by the State. In total,$41,288,885.79 of his assets that belonged to Cartu Bank wereseized through this law. 288 Ivanishvili claims that the State soldthese assets back to the original owners. 289Lemise is only one of a myriad of ventures Lukhum Kapanadzehas kept himself busy with. In December 2006,together withformer UNM lawmaker Devi Ovashvili, he founded Interplast,a maker of building materials. Then he sold his Interplast sharesto offshore companies for 100 GEL. These shares changed handsseveral times before ending up with the governor of MtskhetaMtianeti region, Ceasar Chocheli (13%) and his brother Iago287 State official Publishing Newspaper Macne https://matsne.gov.ge/index.php?option=com_ldmssearch&view=docView&id=1672612&lang=geAccessed 12/12/2012288 Studio GNS Report For 5th of February 2012 Available at http://www.youtube.com/watch?v=JmAv3eUk-hE Accessed 05/12/2012289 Final Notice of Dispute (pdf), sent to the Georgian government by lawfirm Skadden, Arps, Slate, Meagher & Flom on behalf of Ivanishvili http://www.civil.ge/files/files/2012/FinalNoticeOfDispute-IvanishviliVGeorgia.pdfAccessed 05/12/201271