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Investments in “Argo” Complex in Batumi Suspended |
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 ''Commersant” reports that investments in a multi-functional complex ''Argo” located in Batumi have been suspended due to the dispute with the Ministry of Finance of Adjara Autonomous Republic. The official of the project developer says that because of a failure to complete works in terms caused by the natural conditions, the Finance Ministry imposed a fine which has been paid. However , Roman Putkaradze notes the Ministry insists on paying another fine that is not envisaged by the agreement. According to him, they won the dispute in the first instance, although the process hampers investments. Putkaradze adds that "Argo " is loaded only by 40 % and, according to the talks, in spring the complex should operate at full load. He explains Turkish and Georgian companies plan to open cafe - bars and restaurants there but refrain from investing until a dispute with the government is over." Argo " was opened in the area of 2 500 square meters in August 2013 . The company of the UK-based Georgian businessman has invested about 35 million GEL in the project .
Source: commercial.ge |
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March 08, 2014
