14.Jan .2020 16:51

Mamuka Khazaradze: We want to avoid arbitration, but the Consortium is ready for that

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“We want to avoid arbitration because it will harm the interests of the country, - Mamuka Khazaradze, the founder of the Lelo political union, told reporters in response to the government's decision to cancel its contract with the Anaklia Development Consortium.

Khazaradze said all everyone, who hindered implementation of the Anaklia Port Project will seriously be held accountable.

“We want to avoid arbitration because it will harm the country's interests. We constantly emphasize that this project is important to us because it is the economic and security future of our country. Accordingly, we do our best to avoid arbitration, although we are very well prepared for it, and all those who have hindered this project will be held accountable. We use the last chance to save the project.
There is a 2-month period included in the contract. It’s impossible to terminate such a huge project this way. Our lawyers are preparing a counterclaim and the legal process is underway”, Mamuka Khazaradze said.

The Georgian government unilaterally terminated the investment agreement with the Anaklia Development Consortium on January 9, 2020. The Vice Prime Minister cited failure of the consortium as a reason for termination.

Levan Akhvlediani, the CEO of the consortium, also made the announcement, saying that the arbitration dispute would be launched by the consortium's shareholders. It is significant that the Anaklia Development Consortium has spent $ 74 million (GEL 218 million) on the deep-sea port project.