Heads of finance company Sakartvelo jailed for misspending $32mln

Three leading figures of the finance company Sakartvelo who were accused of misspending an especially large amount of depositors’ money have been sentenced to prison for 7-10 years.

Tbilisi City Court has delivered a verdict through which an actual ruler of the finance company, Merab Peradze, was sentenced to prison for 10 years, the company director Tamaz Lobzhanidze for eight years, and one more top figure of the company, identified as T.M., for seven years.

The Court confirmed that between 2013 and 2016, the people misspent tens of millions of people’s money.

Through  illegal activities and unreasonable operations, 2,648 depositors lost their money, Georgia’s Chief Prosecutor’s Office reported.

The total amount of the money misspent is 76 million GEL (32 million USD).