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Economic Press Monitor


November 8, 2018

IN THIS ISSUE:

1. BRITISH COURT CONVICTED IRAKLI RUKHADZE OF MISAPPROPRIATION OF BILLION-WORTH PROJECT OF “SALFORD”
2. “TBILISI TRANSPORT COMPANY” ANNOUNCED TENDER ON PROCUREMENT OF 220 NEW BUSES
3. IF NATIONAL BANK BEGINS INTERVENTIONS, WE’LL FIND OURSELVES IN EVEN WORST STATE – CHKONIA ON LARI EXCHANGE RATE
4. MONETARY FUND POINTS AT LACK OF COMPETITION IN BANKING AND MEDICAL SECTORS

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1. BRITISH COURT CONVICTED IRAKLI RUKHADZE OF MISAPPROPRIATION OF BILLION-WORTH PROJECT OF “SALFORD”
Conflict and Court

In ruling, made on November 1, British court stated that Irakli Rukhadze, founder of Hunnewell Partners and factual manager of assets of late billionaire Badri Patarkatsishvili, violated own obligations, the magazine reports.

By the court ruling, Rukhadze acted on the post of director of Salford Capital Partners () against interests of the company.

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2. “TBILISI TRANSPORT COMPANY” ANNOUNCED TENDER ON PROCUREMENT OF 220 NEW BUSES
Transport & Communications

Tbilisi Transport Company announced last week the tender on procurement of 220 new buses, having length of 8 m, Tabula reports. As the article specifies, the tender will be completed in the next few days.

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3. IF NATIONAL BANK BEGINS INTERVENTIONS, WE’LL FIND OURSELVES IN EVEN WORST STATE – CHKONIA ON LARI EXCHANGE RATE
Macroeconomics & Budget

Founder of Coca-Cola Bottlers Georgia Temur Chkonia considers that devaluation of lari can be attributed to existence of “black money” in the country in election period, Netgazeti.Ge reports. “During the period of election campaign, there must be certain limit for expenditure”, the businessman declares.

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4. MONETARY FUND POINTS AT LACK OF COMPETITION IN BANKING AND MEDICAL SECTORS
Economic & Politics

IMF considers that Georgia has to take care not to allow development of high concentration in certain sectors of economy, such as banking and medical care, into anti-competitive practice, the newspaper reports.

The article specifies that the mentioned recommendation is included in the IMF report “Caucasus and Central Asia: Unlocking the Region’s Growth Potential”.

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