The Last Day for Anaklia Development Consortium to Submit Signed Deals with Investors

The deadline for Anaklia Development Consortium to submit deals signed with investors willing to invest in the project is today, October 15. The Minister of Infrastructure, Maia Tskitishvili reported earlier on Tuesday that the Gov’t has not received the signed deals yet. Tskitishvili also mentioned today at a briefing that unless the Ministry receives the signed deals today, the Government can “terminate the investment agreement signed on Anaklia construction”.

“The Consortium has formally introduced only two investors so far. One of them is a Kazakh-Hong Kong-based company Meridian Capital Limited and another one – Dutch company “Vanord”. No other documentation or investor has officially been presented as of now, even though we know that the consortium is negotiating with many other investment funds,” Maia Tskitishvili said.

The Minister explained the reasons for setting a contractual deadline and why the Government should know about the investors beforehand.

“Under the agreement, the Government has a right to know and approve or disapprove of the investors involved in the Anaklia Port project. We have a contractual deadline for that, as we want to learn about the investors, their reputation, financial standing and, among other things, whether they are appropriate to the requirements with their experience or financial standing to replace the Conti Group. In the case of "Vanord", the term expires on October 21, and in the case of "Meridian Capital" on October 29. We will provide public information within the set deadlines,” announced Tskitishvili.

She thereby noted that in case of failure of fulfilling the agreed obligations, the Georgian Government has a right to cancel the investment agreement.

“In case of failure to fulfill the obligations, the government has the right to terminate the investment agreement signed on Anaklia construction. Since the deadline for submission of documents by the consortium is today, we consider the deadline expiration date October 15’s the end of the day. We will inform the public about the consequences on October 16, when we can speak from the perspective of the deadline being met or not“, said the Minister.

Tskitishvili emphasized over and over that the deadline for fulfilling the obligations expires today, and the government's decision will be announced on Wednesday, October 16.

By Nini Dakhundaridze

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15 October 2019 16:00