Who Owned Georgia English.pdf
Who Owned Georgia English.pdf
Who Owned Georgia English.pdf
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to Freedom of Information requests. 293 The public has been keptin the dark on what, where and how this money from the centraland local budget was spent. 294On June 6th 2006, the Ministry of Economy and SustainableDevelopment of <strong>Georgia</strong> auctioned off 43,350 square meters ofRikhe land to LCC Akhali Rikhe (New Rikhe) for $7 million. 295Akhali Rikhe was established a few months earlier by NikolozMakharashvili and GMC Holding 296 (50/50 shares). GMC Holdingis owned Newcom Association Ltd 297 and represented by PresidentSaakashvili’s university friend, Levan Kharamanishvili, who wasalso a 90% shareholder in Rustavi 2 298 and brother-in-law of RezoSharangia. On June 1st, 5 days before the auction, Makharashviligave his 50% share to GMC Holding. Akhali Rikhe agreed to paythe $7 million in 3 months. 8 days after the agreement, GMCHolding sold 80% of its shares to David Iakobashvili 299 , whoForbes rated the 3rd richest <strong>Georgia</strong>n in the world in April 2012,with assets of $950 million.Two years passed without any serious investment on theproperty. Then, in December 2008, the Old City Rehabilitationand Development Fund bought the land for $17 million. 300 So,what we have is the government selling Rikhe property for$7 million to what is essentially the friendly GMC Group, and293 Beyond the Facade of Rehabilitation. <strong>Georgia</strong>n young Lawyers AssociationReport http://gyla.ge/geo/news Accessed 13/12/2012294 Ibid p.6 Accessed 05/12/2012295 Ibid Page 65 Accessed 05/12/2012296 Public Registry. Ministry of Justice of <strong>Georgia</strong> https://enreg.reestri.gov.ge/main.php?c=app&m=view_doc&doc_id=88965 p.23297 Public Registry. Ministry of Justice of <strong>Georgia</strong> 02/11/2012 https://enreg.reestri.gov.ge/main.php?c=mortgage&m=get_output_by_id&scandoc_id=469610&app_id=545255 Accessed 12/12/2012298 Rustavi 2 and Mze TV Change Hands. Media.ge http://www.media.ge/en/content/rustavi2_and_mze_tv Accessed 12/12/2012299 Beyond the Facade of Rehabilitation. <strong>Georgia</strong>n young Lawyers AssociationReport p.65 http://gyla.ge/geo/news Accessed 05/12/2012300 Ibid Page 6573
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