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Ivanishvili's Seized Assets Put on Auction
Civil Georgia, Tbilisi / 2 Jul.'12 / 19:07

The National Bureau of Enforcement announced on July 2 about the launched of an online auction to sell those assets, which have been seized from leader of Georgian Dream opposition Coalition Bidzina Ivanishvili after he refused to pay GEL 74.32 million fine.

Assets include 100% shares in Cartu Group, which owns Cartu Bank and 21.7% shares in Progress Bank, another Tbilisi-based bank, founded by Kakha Kaladze, a retired footballer, who was a captain of the Georgian national team and is now a member of Ivanishvili’s party Georgian Dream-Democratic Georgia.

Starting price for Cartu Bank shares is GEL 75.94 million and GEL 1.78 million for 21.7% shares in Progress Bank.

Online auction for Cartu Bank shares will be closed at 6pm local time on July 10 and for Progress Bank shares one hour later on the same day.

The National Bureau of Enforcement at the Ministry of Justice said that the starting price for both of these assets was half of its market value. 

Online auction for Cartu Bank shares will be closed at 6pm local time on July 10 and for Progress Bank shares one hour later on the same day.
 
100% of Cartu Bank is owned by Cartu Group in which, Ivanishvili says, he was a beneficial owner before May 2 when he handed over his shares to his eldest son Uta.

His spokesperson, Maia Panjikidze, said earlier on July 2: “They [the authorities] are trying to sell an asset, which is not at all owned by Bidzina Ivanishvili.”

The National Bureau of Enforcement, however, said that the Georgian central bank had not been notified about any changes in ownership of Cartu Bank’s shares and for that reason “Bidzina Ivanishvili still remains a beneficial owner of 100% of JSC Cartu Bank.”

Ivanishvili’s spokesperson confirmed on July 2 that 21.7% of shares in Progress Bank were owned by Bidzina Ivanishvili.

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