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Rustavi Group to Pay 53 500 USD Fine

A fine of 53 500 USD has been imposed on Rustavi Group because of violation of mutual understanding memorandum signed by LLC Rustavi Group and LLC Rusmetal on February 3, 2015.

According to Government resolution, Ministry of Energy must ensure an implementation of all procedures for announcement of an open auction for construction, ownership and operation of Lukhuni 2 HPP.

Moreover, Ministry of Energy must also send a notification to Rustavi Group about termination of the memorandum and imposition of a fine. An auditor’s conclusion must be also prepared for determination of market value of Lukhuni 2 HPP project.

Total investment value of Lukhuni 2 HPP is 26.4mln USD.

In February 2017, the information was spread that TBC Bank and EBRD would allocate 14.3mln USD financial component to Rustavi Group for constructing a mediums-sized HPP.