↑ Scroll to top

Arci Sues Bank of Georgia

Published: June 21, 2013 | 2:32 pm
Text size: -A +A

Arci, one of the largest developers in the country, sues Bank of Georgia. The object of dispute is ARCI’s new housing district Ortachalis Turfa. Part of clients has already moved in the building. However, according to Arci, people are not allowed to use their property as the housing spaces are given under mortgage.

The company says that they’ve fully transferred mortgage sum and the bank has used the money illegally for covering debts of other construction projects.

Bank of Georgia responds to the accusations by Arci. The bank says that the relationship between Bank of Georgia and Arci is the one between two business organizations and the developer owes the bank big money. Bank of Georgia also claims that they’ve always been acting within legal frames, the case is sent to court and truth will be proved.

VN:F [1.9.10_1130]
Rating: 0 (from 0 votes)
Share on Facebook Share on Twitter
More posts in category: Headline,Local Business News
  • Georgian PM to Announce the Launch of Partner Fund to Incite Export
  • Georgia Takes 5th Position in Fight against Corruption: GCB
  • US President Supports Free Trade Relations with Georgia
  • Obama: U.S.Military Action against Libya Has Begun