Pre-trial detention for Georgian pair who allegedly stole depositors’ money

Tbilisi City Court has sentenced two top managers of a finance company to pre-trail detention for allegedly stealing the money of hundreds of depositors.

The Court said pre-trial detention was necessary because if released, the two accused might try to hide or hamper the investigation so it was best for them to remain behind bars before the final verdict was announced.

The two accused are director of Georgia finance company Tamaz Lobhzanidze and company manager Merab Peradze.

The men's lawyer asked the pair to be released on 10,000 GEL bail each but her request wasn’t satisfied.

The men are accused of misappropriating the money of hundreds of their clients. The total sum of money was not disclosed.

The victims affected by the finance company's actions welcomed the Court decision. They gathered in front of the building as the judge announced the decision.

The depositors said they had given almost all of their money to the finance company and were promised a high interest rate on their savings, but the company stopped paying them after several months. The company allegedly also refused to give them back their initial sums.

For the past month the victims have been holding protests in capital Tbilisi, requesting those responsible to be found and their money returned.

Peradze, one of the accused, today said it was Georgia’s National Bank who had created problems for the company, which meant Georgia finance company could no longer pay the interest to its depositors. He added there were "political interests” behind this but he did not elaborate or specify what he meant.

In Court Peradze asked the judge to to be released from pre-trial detention so he could "work to give people their money back”, however the depositors favoured the Court decision as they didn’t believe he would honour his words.

When the issue came to light an investigation was launched to reveal the offenders and help affected citizens get their money back.