Who Owned Georgia English.pdf

had never been properly notified. 353 Some of these people wenton a hunger strike in front of the State Chancellery demandingpayment of their claims. Meanwhile, the President issued twoloans to Chiaturmanganese. The first was on December 29, 2005,one week before the Ministry of Finance filed the bankruptcyclaim. This was for 938 000 GEL ($556 200) on a 6-month termagainst an annual interest rate of 0.5%, which the presidentextended for an additional 4 months. Then on February 15, 2006,the bankrupt JSC Chiaturmanganese was given 2.5 million GEL($1,4824 million) from the Georgian Government reserve fundagainst annual interest rate of 6.2%. 354After the 2005 Evrazholding fiasco, the government decidedto sell Vartsikhe HPPs Cascade directly to Stemcor, the world’slargest independent steel trader. It soon acquired 96.3% ofthe shares of Zestaponi Ferroalloy Plant. 355 The Ministry ofEnvironmental Protection and Natural Resources of Georgia heldan auction for the natural resources and the manganese depositsof Chiatura and the company’s assets. Georgian ManganeseHolding Limited (Stemcor subsidiary company), the only bidder,paid $5.5 million for the license and $14, 015 million for JSCChiaturmanganese on November 11, 2006. 356MadneuliOn the Georgian National Investment Agency website, JSCMadneuli, a gold and copper mine, is a success story example ofwhy people should invest in Georgia. But if people knew the realstory, they might think otherwise.Back when the Madneuli mining and benefiction complexwas being transformed into a state-owned joint stock company(JSC) in 1994, Koba Nakopia, a small-time businessman inmetals, was waxing a connection with Sergei Generalov, oneof the richest men in Russia. Between 2000-2001, Nakopia wasvice president of Generalov’s Promishlenie Investori. In 2004 he353 Ibid p.26354 Ibid p.26355 ibid356 Ibid p.2788