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Alliance News Detail


BGEO Sued By Rustavi Azot Owner Roman Pipia For USD994 Million

[ 12 Apr 2018 17:53 ]

LONDON (Alliance News) - FTSE 250-listed Georgian holding company BGEO Group PLC on Thursday has been sued by Roman Pipia, owner of Georgian manufacturer Rustavi Azot LLC for USD994.0 million.

In 2011, Pipia entered a credit facility with JSC Bank of Georgia, a subsidiary of BGEO, and in September 2016 Rustavi's business and assets were sold at auction.

Pipia has claimed that the auction was improperly constituted, parties connected with BGEO were involved and that Rustavi Azot's assets were sold at a significant undervalue.

Pipia is currently represented by Blake Morgan LLP and Three Stone.

Share in BGEO Group closed down 0.4% at 3,492.00 pence on Thursday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.


BGEO Sued By Rustavi Azot Owner Roman Pipia For USD994 Million - Alliance News

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