Economic Press Monitor

IN THIS ISSUE:

Share of bad borrowers’ property, seized by banks, microfinancial organizations or private usurers grows year by year, the newspaper says. In the 4^th quarter of 2017, banks owned seized property of 209.19 million lari.

For a long time, rumors are circulating about merger of Cartu bank (belongs to family of billionaire ex-premier Bidzina Ivanishvili) to Liberty Bank, the newspaper reports.

The article notes that the same way, as it happened with broadcasting company GDS, Ivanishvili’s property will be acquired by family of late tycoon Badri Patarkatsishvili.

Process of taxi inventory will begin, presumably, in summer, the newspaper reports.

According to deputy to Tbilisi Mayor Maia Bitadze, drivers will have to pay certain fee, but it “will be cheap procedure”.

After several months of negotiations, BitFury Group has sold Tbilisi data-center of bitcoins, Tabula reports. The group opened 40-MW center in Tbilisi free industrial zone (in Gldani district of the capital) in 2016.

The article reviews legislative amendments concerning the financial sector, which had entered in force in 2017.

In particular, certain restrictions on the financial sector were enacted on January 15, 2017.

Last week, investigative service of the Finance Ministry has started examination of winemaking company Badagoni.

As the article notes, former president of Badagoni Temur Ubilava and investor Vladimir Janjgava accuse current head of the company, Giorgi Salakaia, of illegal seizure of stakes.