Who Owned Georgia English.pdf

elonged to Kapital Vostok, a Swiss company owned by GeorgeMachutadze. Kapital Vostok failed to fulfill its liabilities and sold80% of its Kempinski shares to Abu Dhabi. Machutadze kept theremaining 20%, which he eventually gave up for 1$ million - orabout 1/4th their value. 311Seturidze claims that the government had forced him outof his directing role in the Kempinski project to take control ofthe project. A man named Samy Edwards somehow managed toobtain a document from the Public Registry authorizing him toreplace Seturidze’s as Dhabi Groups’ Executive Director withoutan approval letter from the Dhabi Group’s Board of Directors.“The government stepped in and illegally replaced me - therewasn’t even a shareholder’s decision... and the new guy destroyedthe whole structure,” Seturidze says.Wherever you see major development in Georgia, there arestories of how people were forced to officially abandon theirproperty or to directly sign a contract to give their property tothe state as a gift. Verifying these stories, however, is difficultbecause these people don’t go to the press or the police to reportthe events, which either means that there is nothing unusual ingiving property worth thousands of dollars away or that thesepeople are afraid.For example, in the Bakhmaro resort region, 79 cases ofabandonment of property were reported between January 13-25,2011 312 .Most of these people relinquished the only property theyowned to the state.311 Author’s interview with Giorgi Seturidze. 11/11/2012.312 Stripped Property Rights in Georgia. Third Report. p. 6 Georgian youngLawyers Association, Transparency International - Georgia, GeorgianRegional Media Association, Association Green Alternative. http://transparency.ge/sites/default/files/post_attachments/StrippedPropertyRights_April2012_Eng_0.pdf Accessed 05/12/201276