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New Owners of the Elite Electronics

April 24, 2012

Interpresnews

Company Elite Electronics has new owners. The Interpresnews was notified from the company that Brimag Group had purchased it and Chairman of the Company Board is Shaul Silberstein. Brimag owns one of the largest networks of production and sale of electronics appliances in Europe and Israeli market with over 400 shops.

Brimag is official distributer of Sony, Graetz, Rosier and Hoover technologies in Europe and Israeli. Besides that, Georgian Companies – Elite Appliance and Universal Capital Group go into the investors’ group.

Matti Leshem was appointed on the position of the Elite Electronics’ Director General. The shareholders of the Company specially invited him to occupy the position because he has huge experience in the retail sales and business administration. He was director of several huge companies in US and Israeli.

The representatives of the Elite Electronics state that group of investors was negotiating with company creditors for the last 6 months. Three largest banks of Georgia requested to make the situation in the company stable. They asked investors to assist them to survive the company and to ensure the financial security for over 400 direct and 250 indirect employees of the Company throughout Georgia.

According to the Company representatives, the total amount of their debt by 2009 was 42 million GEL. Group of investors implemented large-scaled investment to survive the Company and allocated funds to reduce the debts. As a result, the debts were reduced. The group of investors also assumed responsibility to cover all debts to the state.

“Elite Electronics runs the largest retail sale network in the country. It is leader of the Georgian market with its sale rating and diversity of products. We aim to farther reinforce our position, to offer larger choice of new brands to consumers and to open several new branches throughout the country,” Matti Leshem said.

Simultaneously, the Appeal Court is conducting the trial on the founder of the Elite Electronics, prisoner businessman Anzor Kokoladze; the trial initially was scheduled on April 19 but was postponed for May 1 because the prosecutor’s side was not prepared for the hearing.

On the same day, Anzor Kokoladze spread statement: “I suggest and warn everybody: do not take part in the auction of illegally seized properties or shares because tomorrow their new properties will definitely become disputable and knowing it, they will never become honest purchasers of the property!”


Investigation department of the Ministry of Finances arrested founder and former manager of the Elite Electronics Anzor Kokoladze in August of 2010 for illegal deals and unexecuted obligations before the state in 2008-2009. On April 21, 2010 the Tbilisi City Court imposed imprisonment of 7 years and 6 months on him.

On May 7, 2010 TBC Bank via TBC Broker purchased Anzor Kokoladze’s 55% in the Elite Electronics for 116 000 GEL in secret. The founder and former manager of the Company requested to annul this purchase and to restitute his legal rights at the court. According to unofficial information, Kokoladze was imprisoned because of his struggle for his shares.

Later, the Court passed verdict in favor of the TBC Bank. 

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