On March 27 the round table meeting organized by International Chamber of Commerce (ICC) discussed several important court trials, including JSC Terabank dispute resistant to the former person who owns property taken over via the bank.
Objective in the discussions were to outline how court decisions on separate cases modify the investment climate? and standing of Georgia.
Brief history throughout the mentioned case will be the following:
In 2015 the Bank took over the mortgaged property which the former voluntarily owner transmitted on the bank beneath applicable legislation to pay the financial liabilities. Your banker planned selling the exact property, although the client used on the legal court for banning sales on the property.
Under the legal court decision, restriction measures were imposed around the mentioned assets? plus the bank was banned to trade the house and property. This provisional remedy is within force for around annually, but essential discussions within the case has not yet started yet. Because of this, the lender cannot sell the house or property and bears considerable financial losses every single day. For compensation of the losses, the bank account given to a legal court frequently and requested remuneration of losses through the plaintiff, though the court wouldn\’t satisfy our requests.
The bank offered our client more than once to acquire off the property, but similar scenario? would not meet the interests on the plaintiff and tries to maximally win time.
Terabank is a member of Arab Investment Group and Sheikh Nahyan Mabarak Al Nahyan is among the most founders, who\’s got already invested much more than 250 million USD in Georgia. Besides the bank, it owns Biltmore hotel and wants to grow investments within directions. However, naturally, the investor’s decisions rely on how efficiently their legal interests will probably be defended in the courtroom system.
We hope a legal court will promote to finish the trial as soon as possible and investment inflows will further grow in Georgia.