“Austrian Georgian Development” ceased its operations in terms of constructing hydro powers throughout Georgia.
Based on the decision made by Georgian Prime Minister, the memorandum of understanding is annulled between Georgian government and Ltd “Austrian Georgian Development”.
The main reason of this occasion exists in the memorandum; more precisely in the sub-paragraph a.b. of the paragraph 6.2. Therefore, according to the memorandum, the company was obliged to finish up techno-economic feasibility plan in first 18 months under the memorandum. Afterwards, the company had to present the outcome to the government. Meaning that the company did not follow the requirements were placed in the memorandum.