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Court Sentenced Heads of the Financial Company Georgia to Imprisonment



The Tbilisi City Court sentenced Merab Peradze, manager of the financial company Georgia to 10 years of imprisonment, his wife Tamar Metreveli to 7 years of imprisonment and Tamaz Lobzhanidze, the director of the company, to 8 years of imprisonment. Besides that, the convicted people were deprived of the right to occupy any high position or carry out any business activities for 2 years each. 

According to the case materials, the Financial Company Georgia Ltd took a loan from the citizens in the amount of 34 359 020 GEL, 70 194 445 USD and 4 603 089 EURO. As a result of the scheduled procedures, the funds were to be spent on more profitable economic activities so that the deposit holders could get income and the company had to execute its financial responsibilities before the citizens timely and properly. 

In accordance to the accusation, encouraged by Merab Peradze and Tamar Metreveli, Tamaz Lobzhanidze unreasonably spent the money of the deposit holders instead carrying out profitable activities. Consequently 2 343 deposit-holders of the company received significant financial damage.

The Court concluded that Merab Peradze encouraged Tamaz Lobzhanidze to waste the deposit funds. Consequently, Merab Peradze was sentenced to 10 years imprisonment and Tamaz Lobzhanidze to 8 years of imprisonment. In case of Tamar Metreveli, the court concluded that there was sufficient number of evidence to charge her for the unlawful waste of other’s property. Based on the court decision, Tamar Metreveli was sentenced to 7-years imprisonment. 

According to the court, during the public hearings the accused people did not plead guilty in the imposed charge. 

The media learned about the problems related with the Financial Company Georgia after the Georgian National Bank, based on its Order # 431-1k of September 20, 2016, imposed some restrictions and bans on the company. 

Based on the GNB clarifications, the Financial Company Georgia carried out active advertising campaign on different media to attract financial resources from physical persons; they offered highest percents for the deposits.

On October 3, 2016 the decision of the National Bank was followed by the protest rally in Lagodekhi municipality. About 200 employees of the companies owned by businessman Merab Peradze gathered in Afeni village. They called on the government to react to the situation and claimed that unless the restrictions were removed from the Financial Company Georgia, the medical center and some enterprises in the Apeni village would stop operating. Merab Peradze was owner of those companies. 

Peradze owned the football club Hereti, the Lemonade and Drinking Water Producing Factory, a restaurant, a brewery and other commercial companies in Apeni village.  

Tamar Lobzhanidze and Merab Peradze were arrested in December, 2016. 

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