The FINANCIAL -- “Being aware of the financial situation at Standard Bank I’m convinced that the bank is capable of paying the dues. Moreover there will still be USD 30 million left in the property of the stakeholders,” declares George Kalandarishvili, Standard Bank’s General Director in an address speech issued for Standard Bank staff.
“Since November 6, clients of Standard Bank have been under pressure. They were made to seize relations and cooperation with the aforementioned bank, correspondingly some of the clients and organizations closed their accounts. The hierarchy of the officials involved goes as high as the Mayor of Tbilisi, the Minister of Energy of Georgia, authorities of the Interior Ministry and Prosecutor’s Office,” says Kalandarishvili.
As the company reported 25% of the bank’s deposits were turned into cash. On November 12 National Bank of Georgia asked the bank to give them the list of the top account holders. However NBG’s demand was ignored.
On November 24, 2007, NBG Supervisory Commission made the decision to appoint a temporary administration at Standard Bank.
As Salford Georgia officials claim, since November 8 employees and people linked to the company have been under pressure from various governmental bodies. Clients of Standard Bank have been under pressure as well.
Salford Georgia reports that since November 7, illegal attacks have been continuing on Salford Georgia owned companies which started with the Mtatsminda Park and Imedi TV raids followed by Borjomi and Telenet cases. Members of the government embarked on a systematic campaign to target the assets in Georgia of Mr Badri Patarkatsishvili, a businessman who expressed opposition to the current Administration. Part of that campaign focused on Standard Bank.
Salford Georgia is an umbrella management company for the tycoon Badri Patarkatsishvili’s interests and assets in Georgia. Patarkatsishvili recently announced he’s running for Presidency during the January 5 elections.
Founded in 2001, Salford Capital Partners Inc. (Salford) is a private equity firm investing primarily in developing markets (mainly former Soviet Union and Central & Eastern Europe).
Salford is 100% employee owned and manages USD 450 million in investment capital, via general and limited partnership structures, on behalf of high net worth individuals and family offices.
“I remain optimistic and want to wish you a Merry Christmas in person,” Kalandarishvili concludes in the address speech.