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Tbilisi City Court Sequestered Sheraton Metechi Palace Hotel

Tbilisi City Court Sequestered Sheraton Metechi Palace Hotel

Sheraton Metechi Palace hotel has been sequestered, the PIA news agency reports.

Tbilisi City Court has passed this form of legal restriction in relation to the legal dispute between  VI2 Partners GmbH, an Austrian company, and RAKIA Georgia. The decision serves as a security of claim.

The court has also sequestered all other assets of RAKIA Georgia throughout the country.

The dispute refers to several tens of millions of USD that the Austrian Investor paid to RAKIA Georgia in 2011 as a part of the price of Sheratan Metechi Palace hotel.