On July 2, 2012, the shares held by Bidzina Ivanishvili's JSC Cartu Group (totaling 100% of the company's outstanding shares) and in JSC Progress Bank (totaling 21.7% of the company's outstanding shares) were put up for auction (www.eauction.ge). The auctioning of the shares is pursuant to the enforcement of writs # 4/a-131-12 and #4/a-129-12 issued by Tbilisi Appellate Court.
The valuation of the shares was undertaken by Levan Samkharauli National Bureau of Expertise, following a written request from the National Enforcement Bureau.
The estimated value of Mr. Ivanishvili's shares in JSC Cartu Group is GEL 151,880,661; the estimated value of Mr. Ivanishvili's shares in JSC Progress Bank is GEL 3,566,498.
In accordance with Georgia's "Law on Enforcement Proceedings," the starting price for assets that are being auctioned for the first time should be set at 50% of the market price assigned to it by an expert. Therefore, the starting price for Mr. Ivanishvili's shares of JSC Cartu Group is GEL 75,940,033.5; and the starting price for Mr. Ivanishvili's shares in JSC "Progress Bank" is GEL 1,783,249.
Should the debtor comply with the court decision and make arrangements for an alternative form of payment, all enforcement proceedings will be annulled; consequently, the auction would be terminated and the freeze placed on Mr. Ivanishvili's assets would be lifted.
In order to ensure transparency in the enforcement process, the National Bureau of Enforcement will keep the public informed about the ongoing enforcement proceedings.
