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"Cartu Bank" brings an action against interim management

2012-07-30 14:38

"Cartu Bank" brings an action against interim management. 27792.jpeg

"Cartu Bank" intends to challenge the actions of the interim management in the court. President of "Cartu Bank" Nodar Javakhishvili stated the loan transactions, closed during a forced government management, may create problems for the bank's liquidity, which in turn may cause the transfer of bank management in the hands of the provisional administration of the National Bank, the News.Ge reported.

According to Javakhishvili, interim management has closed loan transactions worth of $ 50 million with four development companies, the names of which were not announced at this stage. According to him, after the implementation of these agreements the bank will become become illiquid because since it is unable to issue such amounts.

He has called these credit transactions "criminal" since the contracts for the issuance of loans had been issued in violation of bank procedures.

Javakhishvili said he was going to the court on Monday in order to recognize these transaction invalid. He also noted that he was not waiting for a positive decision, since he suspected that the purpose of the government was to appoint an interim management of the bank basing on its illiquidity.

"The primary purpose of the interim management was to provide high profits for the bank in order to pay off the assigned obligations from these profits. In fact, from the very begining, a new bank management started activities on ruining the bank in a short time", Javakhishvili said

Recall, by the decision of the Tbilisi City Court and at the request of the National Bureau of Ministry of Justice of Georgia, the arrested Ivanishvili's property was transferred to the forced management of the president of the International Centre for Economic Policy Research Vladimir Ugulava. According to the Executive Bureau, since the arrested property of the billionaire was not sold at auction, the State Audit Service addressed to the Bureau, demanding to transfer the property into the regime of forced management, in accordance with the law "On Executive Proceeding".

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