Tbilisi Municipal Court puts Lien on Liberty Bank Shares

The Municipal court of Tbilisi has put lien on 51% of Liberty Bank shares. This action had been demanded by the former owners of the bank – the late businessman Mamuka Chincharadze’s wife and other shareholders.
The accusing party insists that the current owners of Liberty Bank – Lado Gurgenidze and his business partners – are in possession of forcibly confiscated property. The investigation regarding the confiscation of the bank, which was then called People’s Bank, is ongoing. The accusing party states that it will soon be applying to have lien placed on a further 20% of the bank’s shares.
The former owners of the bank are alleging that they had been forced by senior figures in the previous government to give up assets worth $318 million for as little as $10 million.