RAS AL-KHAIMAH, UAE, August 11, 2016 /PRNewswire/ --
Khater Massaad's Georgian aide, Gela Mikadze was dealt a further blow by the Georgian Civil Chamber yesterday as the decision by a lower court to freeze RAKIA Georgia and Rakeen Georgia assets was overturned.
Following yesterday's ruling seven freezing injunctions have been lifted and Mikadze was given no right to appeal. The judgement gives RAKIA Georgia and Rakeen Georgia full freedom and use of their assets. The matter will come to trial later this year.
It is claimed by Rakeen Development and RAKIA that they were defrauded of approximately US$30 million as Mikadze, assisted by Massaad, transferred the shares of their Georgian subsidiaries for a nominal value to two of his own entities called Manline Projects LLP and Bestfort Development LLP. The case has since become known as the "Shares Transfer Case".
According to Karem Al Sadeq, a former prominent RAK public official who is now serving time for fraud himself, the shares were transferred to Mikadze after Massaad agreed to the transfer during a dinner at the Sheraton Hotel, Tbilisi. Al Sadeq says that the transfer was as a reward for Mikadze "facilitating decisions" taken by the Georgian government in respect of RAK's Georgian assets.
This trial is a twist in events as Mikadze had previously admitted, before the Georgian courts in a plea bargain agreement, that his transfer of the shares was authorised by Massaad and amounted to the criminal offence of embezzlement. Mikadze has since tried to renounce his guilty plea.
SOURCE RAK Media Office