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Raiffeisen Bank’s Response in the Commercial Times

Published: October 7, 2013 | 11:19 am
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Raiffeisen Bank has confirmed that it is owed a substantial amount of money by the Georgian government. The head of the bank’s PR and Marketing Department Michael Palzer has made a statement in this regard in an exclusive interview with the Commercial Times newspaper. According to him, the precise amount owed is a matter of confidentiality, but it is considerable. The issue remains open, and no decisions have been reached. The reports that the former Prime Minister Lado Gurgenidze had offered the Standard Bank to Raiffeisen in 2008 in exchange for the debts have been neither confirmed, nor denied by Mr. Palzer: “the Georgian government has made several propositions, but the matter is still unresolved.”
Tens of millions’ worth of debt was accrued during the 1990’s. The Georgian businessman Levan Pirveli’s company Anglo Oil was supplying Sakenergo with natural gas and black oil for electricity supplies in 1998-1999. The project was being financed by the Raiffeisen Bank. Following the break-up of Sakenergo, the debts to Anglo Oil were not repaid.

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