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Wednesday, 26 October 2016


The wine debt is worth payoff

2011-11-18 13:15

The wine debt is worth payoff. 24620.jpeg

Wine cellars in Kvareli are Kakhetian place of interest, which is visited by thousands of tourists each year. But no matter how exotic the local factories are, things are not so good for them. Yestarday the Ministry of Economy sold "Kvarlis marani" at auction - a company, confiscated from private owners for the debts in the last year.


The Georgian wine industry, it seems, feels not as good as the President Mikhail Saakashvili and his entourage describe. Minister of Agriculture Zaza Gorozia has recently promised to increase wine production by a quarter, lifting export performance twice, over three years. It won't be easy to fulfill this promise, given the current small volumes of supplies to foreign countries. But is it worth to increase production, if the Russian market is still closed, and many producers do not have time to sell the manufactured wine in previous years, since they are forced to save the peasants and to take their grapes.

The ruin of some plants is unfortunate result of this forced labor. One of such cases happened to "Kvarlis marani" - LLC "Kvareli Wine Cellar". Yesterday it was sold at auction. A year ago it was seized from posession of Felix Chitiashvili, reported informational center of Kakheti.

The reasons, why the Georgian authorities have seized private property of its citizen, are not called. However, the fact that the plant is sold together with a large credit debt, speaks for itself. A buyer offered to pay 71 000 GEL, owed by ​​Chitiashvili.

The very small factory looks very shabby - old barrels, not paved courtyard. But given the fact that its capitalization was estimated at 269 000 million lari, and it was put up for auction for a knockdown price of 280 thousand GEL, the proposal could be considered attractive. The only negative - it's a risk that the former owner can make a claim for the confiscation and sue the government.

The main requirement for the buyer was rapid, within months, repayment of debt to the tax authorities - this is 10851 GEL. In addition, the investor should invest in the production 500 000 Lari.

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