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State to Take Over Ivanishvili's Cartu Bank
Civil Georgia, Tbilisi / 11 Jul.'12 / 14:51

After a failure to sell shares in two Tbilisi-based banks, affiliated to leader of Georgian Dream opposition coalition Bidzina Ivanishvili, through auction, the state will now take over the banks’ management.

The National Bureau of Enforcement put 100% of Cartu Bank shares and 21.7% shares in Progress Bank on auction earlier this month after Ivanishvili refused to pay GEL 74.32 million fine imposed on him in June for alleging violating party funding rules. Ivanishvili says that he is no longer a beneficial owner of Cartu Bank after handing over his shares to his eldest son Uta.

Online auction in which starting price for Cartu Bank was GEL 75.94 million and for 21.7% shares in Progress Bank - GEL 1.78 million, was closed on July 10 without anyone making a bid.

The National Bureau of Enforcement (NBE) said in a statement on July 11, that it had requested the Tbilisi City Court to authorize “forced management regime” of shares in question.

“Forced management implies appointment of a manager of the property which is under enforcement,” NBE said in the statement, adding that income received during the “forced management regime” will be used to cover debt to the state.

The statement also says that while the debtor will remain owner of the property, “new manger” will enjoy with “all the rights of owner until termination of the forced management regime.”

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