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Did the Former Director of Rakin Development Appropriate Part of the Company?

Published: September 12, 2013 | 12:57 pm
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How does the defence team of the former Director of Rakin Development – one of the country’s largest investors – respond to the prosecution’s charges? Gela Mikadze is being charged with appropriating company shares worth up to GEL 60 million without the company’s Arab founders’ prior knowledge. The prosecution alleges that Mr. Mikadze transferred shares of 8% and 15% from 3 Arab enterprises to his own company.
Gela Mikadze’s attorney Soso Baratashvili has described the prosecution’s allegations as unfounded, stating that Mr. Mikadze had obtained a Power of Attorney document for the transfer of shares from the Arab investors – a fact that was not considered by the prosecution in this case. According to the lawyer, Mr. Mikadze’s detention points towards selective justice.
The former Director of Rakin Development is being charged with misappropriating a large amount of funds, which carries a prison sentence of 7 to 11 years.

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