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New Manager Appointed at Cartu Group

Published: July 13, 2012 | 11:08 am
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The COMMERCIAL TIMES

Vladimer Ugulava, President of International Centre for Economic Policy Research, was appointed a new manager of Cartu Group on July 12. The decision was adopted by Tbilisi City Court. The execution bureau decided to appoint the new manager after 100%  shares of Cartu Group was put up to auction, but was not sold.

Earlier General Director of Cartu Bank and the Chairperson of the Supervisory Board Nodar Javakhishvili called on the government to cancel the public auction, which intended to sell 100% of the shares of Cartu Group.

“We call on the government to return in the legislative frames of our country and cancel the expropriation of the property of foreign citizens, cancel the auction and give a possibility to its founders to carry out property holding and management rights,” declared Javakhishvili during the briefing on July 4.

The National Enforcement Bureau auctioned Georgian opposition tycoon Bidzina Ivanishvili’s 100% shares for GEL 75 940 033.5 in JSC Cartu Group and 21.7%  shares for  GEL 1 783 249 in JSC Progress Bank on July 2.

 

 

 

 

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