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Arci Sues Bank of Georgia

Published: June 21, 2013 | 2:32 pm
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BOG

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.

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