Businessman Valeri Gelashvili is selling his businesses in Khashuri and plans to leave Georgia, citing a state-imposed fine as the reason. He told BMG that he is selling a shopping center, a cinema and an unfinished residential building, with a combined value of $8–10 million.
According to Gelashvili, the GEL 11.5 million fine was imposed by the Revenue Service over the purchase of shares in construction company Lit Geo Invest. He said the penalty was later reduced, but banks are still unwilling to finance him, forcing him to sell his businesses.
“I was fined by the state at the end of December. Banks are not financing me, so I have to sell everything. I bought the company and had its assets appraised by the Levan Samkharauli National Forensics Bureau. The state considered the transaction money laundering and fined me. I did not violate the law,” Gelashvili said.
He said the fine was challenged in court and eventually reduced to GEL 4.93 million, with penalties waived and payment installments granted. However, he said the lack of bank financing has left him with no choice but to sell his unfinished building, cinema and shopping center. Gelashvili plans to continue his life and business activities in Venezuela, where he also owns property. He served as Georgian Dream’s majoritarian MP for Khashuri from 2012 to 2016.
