The Tbilisi City Court has ordered the pretrial detention of Vladimer Stepanyan, the owner of Crystal Group, as a preventive measure.
Prosecutor’s Office says the decision was based on risks that Stepanyan might influence witnesses, destroy evidence, or conceal information.
During the hearing, Stepanyan chose not to comment on the charges, while his lawyer requested that he be released on GEL 500,000 bail.
Stepanyan is accused of illegal entrepreneurial activity and money laundering. His lawyer, Tamar Merlani, stated that the land used for construction belonged to Stepanyan and that he held a construction permit. However, prosecutors revealed that he had built more residential units than authorized under the permit — a fact Stepanyan reportedly does not deny.
The prosecution further established that Bakuriani Business Group LLC, a subsidiary of Crystal Group, was primarily engaged in constructing and selling hotel-style residential complexes in Bakuriani. Prosecutors allege that Stepanyan systematically sold illegally built units, earning approximately GEL 1.89 million in illicit income. To legalize the funds, he allegedly deposited portions into company accounts, transferred some to his personal assets, and purchased real estate and movable property in the names of the company, himself, and related parties.
If convicted, Vladimer Stepanyan faces 9 to 12 years in prison.
