British-Georgian Academy’s Founding Partner Natia Janashia Set to Terminate the Agreement with Georgia Capital
British-Georgian Academy LLC’s founding partner Natia Janashia is set to terminate the investment agreement signed in 2019 with Georgia Capital JSC. Natia Janashia, the partner and director of the British-Georgian Academy, cites the investor's failure to fulfill contractual obligations as the rationale behind this decision.
Specifically, under the agreement signed on 30th May, 2019, British-Georgian Academy LLC’s founding partner Natia Janashia and Georgia Capital JSC agreed to the acquisition of a 70% stake in the company, with corresponding commitments from the joint-stock company to invest in the establishment of two new campuses in Lisi and Okrokana, catering to a total of 2,600 students. The memorandum signed between the parties on 6th May, 2019 outlines these obligations.
In response to the breach of the terms of the agreement and memorandum by Georgia Capital JSC, British-Georgian Academy LLC’s partner Natia Janashia petitioned the court to withdraw from the agreement. The petition cited the non-fulfillment of the obligations of the 2019 agreement by Georgia Education Group LLC, a subsidiary of Georgia Capital JSC. Consequently, the British-Georgian Academy’s partner Natia Janashia is formally withdrawing from the share purchase agreement of 30th May, 2019.
The Tbilisi City Court, recognizing the merit of the petition, imposed a security measure, requiring mutual agreement among partners of British-Georgian Academy LLC on issues pertinent to partner meetings to secure the lawsuit.
On 29th May, the majority shareholder of the British-Georgian Academy sought to convene a partners' meeting, where one of the principal agenda items was the removal of the school's founding partner from the directorial position and the appointment of a new director. However, as per the court ruling, Georgia Capital is no longer authorised to unilaterally initiate such decisions at partner meetings.
Natia Janashia, the founding partner and director of British-Georgian Academy LLC, asserts a commitment to continue the school's development and safeguarding of children's interests and rights following the court's decision.
“Following the court's decision, our commitment to advancing the development of the school, safeguarding children's interests, and upholding their rights remains unwavering. The outcome of the court's ruling holds significant implications, particularly in preserving the accreditation bestowed upon us by the Council of British International Schools (COBIS). This accreditation underscores our school's exemplary standards, particularly in leadership and management. As the director and founding partner, I am resolute in my determination to uphold the values and aims set forth by our school. Since its inception, I have remained steadfast in my dedication to providing unparalleled education to our students, and I will continue to do so fervently. Our collective mission remains centered on advancing our school’s mission to deliver exceptional education to our children” - Natia Janashia, founding partner and director.