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Tuesday, 25 October 2016


“Plunder & Flee Inc” in Georgian style

2011-11-08 15:27

“Plunder & Flee Inc” in Georgian style. 24179.jpeg

It may be discussed for a long time whether high positions Georgia holds in all kinds of business ratings correspond to the real state of things. Arrests of foreign businessmen on framed-up accusations on one hand, police dispersions of protests against unbearable conditions of labor - on the other... All that does not go quite in line with a fairy-tale about Sakartvelo's wonderful investment climate Saakashvili's sidekicks love repeating. Yet, all sorts of scam artists feel well at ease under Mishiko's protection as we see from the recent exposure of a Georgi Mgaloblishvili by System JSFC employees.

Above-mentioned Georgi, also known as George Richmond, presented himself as an authorized representative of a Russian holding company, the corporation writes on its site. The overly pushing Georgian registered a metals company having a reference to System JSFC in its name. As the head of this "company" he offered mediatory services to big foreign players over cooperation with one of Russia's biggest financial and industrial groups.

In particular, he managed to set up contacts with Anglo-African Minerals Plc (AAM), an Irish ore mining company exploiting aluminum deposits in the territory of the Western African state of Guinea. Under the cover of a high reputation of Vladimir Evtushenkov's holding, that as "the Georgian ore miner", as he is referred to in documents of the Irish company, affiliated his company Caspian Resources Development Pte Ltd, Richmond-Mgaloblishvili started to act on behalf of AAM in Armenia as an operations director. The conman lured the naïve Irish men promising to sell them Belgrave Mining Company allegedly controlled by Caspian Resources Development under his charge. As alleged, Belgrave Mining held a 74-% share in Azatek gold company that had a development license for Azatek gold deposit in Armenia. The only thing that was true in this tricky combination of rights of ownership was the deposit. The development license was bought out by Russian diamond holding ALROSA in 2007.

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