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1. FORMER SHAREHOLDER OF “SAKHALKHO BANKI” PLANS TO DISCUSS ISSUE OF THE OWNERSHIP WITH “LIBERTY BANK” BOARD
   (Daily News: October 19, 2012)

   Former director general of Sakhalkho Banki (People’s Bank) Giorgi Goguadze declared that he plans to solve issue of returning of the bank’s shares to former owners through negotiation.

   As Goguadze said today, he expects to arrival of head of Liberty Bank (former Sakhalkho Banki) Lado Gurgenidze to Tbilisi and then he will consider this issue with him.

2. Versia: “WHO WILL REPLACE LEVAN VARSHALOMIDZE – KIBAR KHALVASHI OR ANZOR KOKOLADZE?”
   (Economic Press Monitor: October 10, 2012)

   Georgian Dream, which has won recent parliamentary elections, does not name ministers of economic bloc yet and explains that negotiations are held with different people.

   According to spread news, Koba Gvenetadze (deputy of Zurab Nogaideli, when the latter was finance minister) is considered as head of Finance Ministry, while Irakli Managadze (president of National Bank of Georgia through 1998-2005) – as an Economic Minister.

3. Rezonansi: “TBILISI POPULATION PLANNED THE BUDGET, BUT DID NOT GET A REAL RESULT”
   (Economic Press Monitor: September 28, 2012)

   In 2011, Tbilisi City Hall has introduced a project “Plan Your City Budget”, which included a special questionnaire for population (24 problematic issues). However, the opposition considers that it was merely a PR campaign.

4. “BASISBANK” MADE CHANGES IN SUPERVISORY BOARD AND OPENED NEW SERVICE-CENTER
   (Daily News: September 25, 2012)

   Basisbank announced that due to new key shareholder (Chinese Xinjiang Hualing Industry&Trade owns 90% since July), composition of supervisory board was changed. The board now has 5 members, instead of the previous 7.

5. Rezonansi: “BUSINESS SMELT A DANGER, THE GOVERNMENT YET TAKES COMFORT”
   (Economic Press Monitor: September 25, 2012)

   Mass demonstrations, being started after publication of videos with prisoners’ torture in prison, are being held in Georgia for already a week, undermining economic development of the country, the newspaper reports.

   However, the Ministry of Economy and Sustainable Development declares that all projects are carried out according to schedule and investors did not stated about postponement or suspension of the projects.

6. Rezonansi: “WHICH BUSINESSMEN WERE ARRESTED AND CONVICTED AFTER THE ROSE REVOLUTION”
   (Economic Press Monitor: September 21, 2012)

   The newspaper reports that 147 businessmen were arrested after the Rose Revolution in Georgia. The article brings list of these businessmen, indicating their penalties.

7. Rezonansi: “INSURANCE SECTOR FACED GREAT RISK”
   (Economic Press Monitor: September 13, 2012)

   According to Zurab Chiaberashvili, Minister of Labour, Health and Social Protection, number of insurance beneficiaries has reached 2.4 million, causing growth by 200% in visits to medical institutions.

   As it is known, the state program of health insurance was applied since September 1 to children under 6, pensioners and students.

8. “TI GEORGIA”: FALSIFICATIONS AND LABELING VIOLATIONS ARE OBSERVED ON DAIRY MARKET
   (Daily News: August 6, 2012)

   Key problem on Georgian market of dairy products is falsification and labeling violations, Transparency International – Georgia’s recent report “Competition Policy in Georgia” says.

   The report brings commentary of Zurab Tskitishvili, owner of former dairy producer JSC Amalthea, who says that dairy products on Georgian market consist of non-milk raw materials and fats.

9. Rezonansi: “162 MILLION WILL BE SPENT ON LIQUIDATION OF DISASTER’S RESULTS, WHILE THE FUND DOES NOT EXCEED 50 MILLION”
   (Economic Press Monitor: July 24, 2012)

   Finance Minister Dimitri Gvindadze declares that urgent measures on liquidation of disaster consequences will be financed by 50 million lari (a special fund is created for this purpose).

   Zurab Melikishvili, chairman of Fiscal Committee of the Parliament, says in his turn that overall 162 million lari will be spent for liquidation of disaster consequences and compensation of population.

10. Rezonansi: “FINANCIAL MANAGERS ARE SHOCKED: THE CODE IS AMENDED EVERY TWO DAYS”
    (Economic Press Monitor: July 17, 2012)

    Form of tax declaration was changed in the previous week, while the taxpayers were notified about it just a few days earlier. Now, the declaration must show personal data of employees and their salaries for 6 months.

11. PROFIT OF “BASISBANK” DECLINED
    (Daily News: July 13, 2012)

    Basisbank reported net profit of 570,983 lari in the first half of the year. The figure is 2-time declined year-on-year.

12. “NCONSULTING” IS AUCTIONED FOR 2.78M LARI
    (Daily News: July 12, 2012)

    National Bureau of Enforcement sells LLC NConsulting (former LLC Nogaideli Consulting), a company of former Premier Zurab Nogaideli. The whole stake (100%) is put on compulsory auction for 2.78 million lari.

13. CHINESE “XINJIANG HUALING INDUSTRY & TRADE” ACQUIRED 90% OF “BASISBANK”
    (Daily News: July 3, 2012)

    Chinese Xinjiang Hualing Industry & Trade (Group) Co. Ltd acquired stake of 90% in Georgian Basisbank.

14. Versia: “WHAT DOES CERTIFICATION OF ACCOUNTANTS AND AUDITORS MEAN AND WHAT REMARKS OF PROFESSIONALS HAVE BEEN TAKEN INTO ACCOUNT BY LEGISLATORS”
    (Economic Press Monitor: June 29, 2012)

    The Parliament has already approved bill “On Accounting and Auditing”.

    The newspaper reports that specialists are afraid that enforcement of this bill will lead to appearance of a monopolist certifying company on the market.

15. Liberali: “WHO HAS BOUGHT “MADNEULI” AND “QUARTZITE”?”
    (Economic Press Monitor: June 25, 2012)

    Confidential source of the journal reports that JSC Madneuli and LLC Quartzite, which had been sold recently by GeoProMining for $120 million, were acquired by Russian investment company NevaRus. The sale of Madneuli and Quartzite was officially announced on June 14.

16. Kviris Palitra: ““AUDIT UMBRELLA” – FOR LARGE BUSINESS”
    (Economic Press Monitor: June 25, 2012)

    Lavrenti Chumburidze, executive director of Professional Accountants and Auditors Federation, considers that alternative audit program, introduced a year ago, has paid for itself. 95-98% of entrepreneurs apply for alternative check, as they want to get free from the fine, he notes.

17. “BASISBANK” CONFIRMS ALIENATION PLANS
    (Daily News: June 19, 2012)

    Basisbank confirms plans regarding sale of stake, explaining it by “intention to turn middle-size bank into large one”.

    “Active negotiations are underway with Asian, as well as European investors, but no final decision has been made yet”, the bank said.

18. TBILISI RAIL-WELDING PLANT INTENDS TO PARTICIPATE IN TBILISI BYPASS RAILWAY PROJECT
    (Daily News: June 8, 2012)

    Tbilisi rail-welding plant hopes to provide service for the project on Tbilisi bypass railway construction. For that end, the plant is going to take part in appropriate tender, in case it will be announced by Georgian Railway.

19. Rezonansi: “HEALTHCARE COST PER CAPITA GROWN BY 300% WITHIN 8 YEARS AND... HAS REACHED 15 LARI”
    (Economic Press Monitor: June 5, 2012)

    According to the statistics, out of 512-lari income of average household, 55.4 lari was spent on health-care though 2011, or 15.3 lari per person. In 2003, these figures made up 171.9 lari, 13.7 lari and 3.7 lari, respectively.

20. Rezonansi: “FINANCE MINISTRY PICKS BUSINESSMEN’S POCKET”
    (Economic Press Monitor: May 31, 2012)

    According to order of the Finance Minister, businessmen must indicate balance in cash, amount of money, issued from subaccounts and number of the persons, to whom the money was allocated, while filling tax declaration.

    As article notes, there are businessmen, who have “cash hanging at the cash-box” from the previous years.

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