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The Lawyer: Pretentious Shareholders Also Hindering the Alienation of Hotel Sakartvelo

The Lawyer: Pretentious Shareholders Also Hindering the Alienation of Hotel Sakartvelo

The process of alienation of “Hotel Sakartvelo” has been delayed. Despite the high interest of investors, the deal remains open up to now.

The company’s lawyer Shalva Katsiashvili declared to GBC that one of the directors of “Arabella Invest Group” is still in Tbilisi, and he is waiting to transfer money from their partners in these days.

Katsiashvili does not see the problem of payment, as he has no doubts linked to the investor’s financial capabilities.

“They have negotiations with the bank now, part of the amount – 4 million USD is already transferred and we are waiting another part of the sum in these days,” said the attorney and added that the process was delayed for various reasons, including “the claims” of local shareholders.

It is not yet clear when the IDPs, living in “Hotel Sakartvelo”, will leave the building and when the reconstruction of the building into a 7-star hotel will start. Arabian company is paying 1 million USD for the settlement of IDPs, however the state adds the same amount of money, which will  be allocated uninterruptedly.

On April 18, the shareholders of LLC “Hotel Sakartvelo” have changed afresh. The share of “Arabella Invest Group” is increased from 73% to 76.97% in the company. Anri Batsikadze gave up the share. It is noteworthy that the purchase of the shares is made through the installment.

As it is known, the buyer must pay 16.5 million USD to the seller, but most of it will be spent directly on the loan taken from Bank Cartu. The volume of the loan is determined by 12 million.