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Statement by Georgian Steel

Published: November 8, 2013 | 1:23 pm
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JSC Georgian Steel is accusing the company Rustavi Steel, which is owned by Ina Gudavadze, of appropriating GEL 39 million from the State Budget. According to the Director General of Georgian Steel Natia Jakeli, an acquisition agreement was formalised in December 2012 for the purpose of appropriating the funds, according to which industrial leftovers were acquired from Georgian Steel by the Rustavi industrial group for approximately GEL 3 million, and were sold on to Rustavi Steel for GEL 256 million on the same day. Through this transaction, the industrial group became saddled with a GEL 39 million income tax bill, while Rustavi Steel had a surplus of the same amount. According to Ms. Jakeli, the leadership of Rustavi Steel took these funds from the Budget and appropriated them. Representatives of Georgian Steel have called upon the relevant authorities to investigate the episode.

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