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Temporary Chief Executive Appointed at Archimedes Global Georgia

Published: August 21, 2013 | 9:52 am
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A temporary chief executive is to be appointed at the insurance company Archimedes Global Georgia. The company’s former director Natia Kakhetelidze has told TV3 that the Insurance Supervision Service found the company’s financial obligations to exceed its reserves. Therefore, Archimedes will have a new temporary director until a positive balance can be attained. Ms. Kakhetelidze is unable to explain the negative financial figures, but states that at the initial stage, the Insurance Supervisory Service could have issued a warning instead of pushing for the appointment of a temporary chief executive straight away. It has been frequently reported during the past few months that Archimedes Global Georgia has been one of the most unprofitable insurance companies in the country.

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