02.Mar .2020 18:50

The PF Invested 7 MLN in Levan Gachechiladze’s project and also took the commercial risk itself

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The state-owned Partnership Fund invested GEL 7 million in alcohol producing company “Global Brand”. This investment is interesting in the sense that if the Partnership Fund co-funds other projects, in this case the company makes 100% investment. According to “Freedom Monitor”, the author of the project idea is businessman Levan Gachechiladze, who is a consultant with Global Brand.

Tariel Chichua, director of Global Brand, told Freedom Monitor that under the existing contract, Levan Gachechiladze has the right to redeem the project, but redemption value is a commercial secret.

Levan Gachechiladze says that it is true that the state takes commercial risk, but in the case of success, the project will bring significant benefits to the country.

"The government has taken a risk, but this risk is acceptable if you want your population to live well. Such risks must be taken and this is the right risk," Levan Gachechiladze said.

To note, company Global Brand was founded on March 6, 2017. According to the business registry, chairman of the Supervisory Board is Levan Mukhuzla, head of National Agency of Wine.