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Friday, 19 October 2018


Sakartvelo will pay $ 30 million to Israeli businessmen

2011-12-02 19:31
Sakartvelo will pay $ 30 million to Israeli businessmen. 25257.jpeg

It has become known today, that the President of Georgia not only has made a decision to pardon Israeli businessmen Roni Fuchs and Zeev Fraenkel, but that the Georgian state will pay $ 30 million to Fuchs and his Greek partner Ioannis Kardassopoulos. According to Trend, Deputy Minister of Justice of Georgia Tina Burjaliani told this reporters at today's briefing. A corresponding agreement was reached between the parties in the London arbitration court, explained the official.

"The state budget of Georgia had to pay $ 110 million to Israeli businessmen, but through negotiations we managed to save 80 million", noted Burjaliani.

She explained that during Eduard Shevardnadze's reign the Israelis managed to get the the right to produce oil, what is contrary to national interests of Georgia.

November 30, London arbitration court began consideration of the claim of the Government of Georgia against the convicted in Georgia Roni Fuchs and Zeev Fraenkel. This lawsuit challenged the earlier decision on which Sakartvelo had to pay a penalty of $ 110 million to the Israelis.

Israel was not pleased by the developing of the events.

Roni Fuchs and his Greek partner Ioannis Kardassopoulos are the owners of the company "Trameks", and Frankel was Fuchs' assistant in Georgian issues.

In 1992, "Trameks" made ​​a deal with Georgia's state oil company, to jointly build a pipeline. However, later, Georgia gave up this project. Fuchs and Frankel demanded the government to pay the penalty for refusing. After years of litigation, the International Centre for Settlement of Investment litigation ruled that Georgia was obliged to pay compensation of $ 110 million to the Israelis. But Georgia refused to comply with a court order.

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