Workmen Take Factory Owner to Constitutional Court

Workmen Take Factory Owner to Constitutional Court

Workmen fear losing the stocks and shares which they hold in the ‘Kaspicementi’ (Kaspi Cement) factory. The shares are at risk of becoming the property of one man – MP Davit Bezhuashvili. Khatuna Tatanashvili, the Head of the Kaspi Office of Republicans, provided the Human Right Information and Documentation Center with this information. According to Tatanashvili, although the workmen are against letting MP Davit Bezhuashvili take their stocks and shares, he will nevertheless become the owner of 100% of the shares automatically. The workmen are therefore taking MP David Bezhuashvili to the Constitutional Court to prevent him from forcing them to sell their shares. About 1,500 shareholders accuse the MP of attempting to become the sole owner of the company’s shares.

Workmen at the Kaspi Cement factory told the Human Rights Information and Documentation Center that under vague circumstances, 95% of the shares of the ‘Kaspicementi’ joint-stock company came under the ownership of ‘Kemiks International’ Ltd. Kemiks International Ltd is owned by Robert Bezhuashvili, the father of MP Davit Bezhuashvili and Gela Bezhuashvili - the Minister of the Foreign Affairs. ‘Kemiks International’ Ltd was established in the Marshall Islands.

51% of the stocks and shares of the Kaspicementi joint-stock company belonged to the state; the other 49% was owned by 1,500 shareholders and Levan Mamaladze - who was later replaced by Bezhuashvili. It should also be mentioned that Zurab Zhvania, and a few others were also considered to be owners of stocks and shares in the company. It was not until April 30th 2006, that the workmen found out the name of a person, who owned the factory along with them.

On April 30th 2006, Robert Bezhuashvili sent a letter to the workmen from the Marshall Islands, stating the following: I am the owner of the 95% of stocks and shares, if you do not sell your shares for 26 tetri each before May 4th, your stocks and shares will become mine automatically. That is how the workmen interpreted Robert Bezhuashvili’s letter.

The following is a quotation from the letter:

“May 4th, 2006 is the deadline of redemption of the ‘Kaspicementi’ joint-stock company’s stocks and shares that are owned by the beneficial stockholders.

The Conditions and Procedures of Purchasing:

1. A special account with a sufficient amount of money (one stock = 26 tetri) that is opened for the stockholders of the Kaspicementi’ joint-stock company is available at the ‘Georgia Invest Group’ Brokers Company on 24, Moseshvili Street, Tbilisi and can be applied to when a registration document is signed.
2. In case of non-appearance, a sum of money will be deposited and the stocks will be transferred to the ownership of the purchaser. The report which includes the conditions and procedures on the purchasing of stocks and shares, the methods used to set a fair price for stocks and other details and components of purchasing are available at the ‘Georgia Invest Group’ Brokers Company. In order to undergo the registration, the stockholders can address a registration clerk of the ‘Kaspicementi’ joint-stock company at ‘Company-Center’ Ltd on 24 Moseshvili Street, Tbilisi.

According to Tatanashvili, although the workmen are against letting Davit Bezhuashvili have their shares, he will still become the owner of 100% of shares automatically. The workmen are bringing David Bezhuashvili to the Constitutional Court for forcing them to sell their stocks and shares. About 1,500 shareholders; among them Anzor Mandzulashvili, Tamaz Dalakishvili, Alika Chitishvili, Aneta Chitishvili and Alika Kebadze, accuse the Bezhuashvilis of attempting to become the 100% share owners of Kaspicemnti.

Tatanashvili also says that it is not right to set 26 tetris as the price for each share. The documents at the registration department reveal that the price of each share on the 28th April, 2006 to be 1.30 laris. The valuing of the shares at 26 tetris therefore causes some suspicion.

“The Bezhuashvilis managed to get the ‘Kaspiceneti’ into their hands. When the Ministry of State Property sold the factory, the majority of the workmen became the legal shareholders of it. The nominal price per stock was then 75 cents. Kaspicementi’s fixed capital is 6,162,074 lari and the total number of stocks and shares is 4,740,057, therefore the price of each stock must be 1.30 laris and not 26 tetri’, states Tatanashvili.

On May 4th 2006, the shareholders were called to the office on Moseshvili Street, where the majority of them did not go. The stockholders believe that the Bezhuashvilis are violating their rights and going against the Constitution, which states that every citizen has the right to possess property and that the state is obliged to protect the property of every citizen. A suit has already been brought to the Constitutional Court.

Saba Tsitsikashvili from Gori