Anaklia Development Consortium to appeal to Int'l Court of Justice as gov't cancels agreement to build Anaklia Port
Today the Georgian government began procedures to cancel the investment agreement signed with the Anaklia Development Consortium on October 3, 2016 to build the Anaklia Deep Sea Port. Photo: Anaklia Port.
Tweet 
Share
Anaklia Development Consortium is going to appeal to the International Court of Justice in response to the Georgian government’s cancellation of the investment agreement with the consortium to build the Anaklia Deep Sea Port.
TBC Bank co-founder Mamuka Khazaradze said that the consortium will ‘reveal all officials and politicians who fought on purpose against the Anaklia project.’
Khazaradze said that the disruption of the project is caused by the ruling Georgian Dream party chairman and leader Bidzina Ivanishvili, Prime Minister Giorgi Gakharia and Minister of Infrastructure Maia Tskitishvili.
Construction of Anaklia Deep Sea Port started in 2017. Photo: Anaklia Port.
It is a lie that the consortium has not fulfilled its obligations. The Consortium has an investor and all responsibilities which should be fulfilled by the agreement, are fulfilled, I announce this with complete responsibility. The government lied to society with these ‘postponements’ and continued to act destructively against the project,” said Khazaradze.
Khazaradze accused the Georgian government of acting against the interests of the Georgian state by cancelling the investment agreement with Anaklia Development Consortium to build the Anaklia Deep Sea Port.
General Director of Anaklia Development Consortium Levan Akhvlediani said the decision of the Georgian government is baseless.
We cannot accept these accusations, we have worked very hard and have made great efforts to successfully implement the project. $75 million is already invested in the project. Part of the construction work has been completed, funds have been obtained from investors and banks. We have signed an agreement with two operators, we have chosen a general contractor…but the Georgian government has not looked through the conditions imposed by these sides, it even did not even express the will to be involved in a constructive conversation,” said Akhvlediani.
The opening of the port and the receiving of ships in Anaklia was planned for 2021. Photo: Anaklia Port.
Today the Georgian government began procedures to cancel the investment agreement signed with the Anaklia Development Consortium on October 3, 2016 to build the Anaklia Deep Sea Port.
The consortium has been unable to obtain the needed $400 million in loans from international financial institutions and $120 million from potential investors by the official expiration of the term limits at the end of 2019.
Minister of Infrastructure Tskitishvili said earlier today that the government is starting a search for a new partner to build the Anaklia Deep Sea Port.
The deadline for obtaining the funding has been postponed six times.
The Georgian government did not cancel the investment agreement with Anaklia Development Consortium on October 15 despite the expired deadline for the consortium to fulfil its interim obligations.
The Anaklia Development Consortium won a state tender to construct the port and signed a deal with the government in 2016 with TBC Holding as its principal partner, but has faced problems in attracting the $2.5 billion in funds needed to construct the port.
Construction of Anaklia Deep Sea Port started in 2017.
The Georgian government will begin procedures to cancel the investment agreement signed with the Anaklia Development Consortium on October 3, 2016 to build the Anaklia Deep Sea Port. The consortium has been unable to obtain the needed $400 million in loans from international financial institutions and $120 million from potential investors by the official expiration of the term limits at the end of 2019.
The Georgian government will discuss the investment agreement signed with Anaklia Development Consortium to build the Anaklia Deep Sea Port as the consortium was unable to obtain the needed $400 million in loans from international financial institutions and $120 million from potential investors by the official expiration of the term limits at the end of 2019.
The term given to Anaklia Development Consortium by the government, a state-tender winner to build a deep-sea port in Anaklia, western Georgia, to attract 520 million USD from a potential investor and four international banks, has expired today. The statement released by the consortium earlier today reads the "necessity and the lack of governmental support."
General Director of the Anaklia Development Consortium Levan Akhvlediani said earlier today that if Georgian government cancels the agreement with Anaklia Development Consortium on the building of the Anaklia Deep Sea Port, the consortium will start arbitration dispute.
The Georgian government says that the Anaklia Development Consortium (ADC) has the right to start arbitration but that the government is not going to renew the agreement with the ADC to build the Anaklia Deep Sea Port.
US congressman Adam Kinzinger says that he believes in the government of Georgia when they say the Anaklia deep sea port project is important for them, and has thus urged the government to allow American investments into the port project as soon as possible during an interview with the Georgian bureau of Voice of America.
The Anaklia Development Consortium and major foreign investor Bob Meyer have filed independent arbitration claims against Georgia on July 29 over their infringed rights in the Anaklia Port project.
Georgian Economy Minister Natia Turnava has commented on the Anaklia Development Consortium’s decision to file arbitration claim against Georgia and said that the consortium is trying to politicise the issue and prevent the government from finding a new investor.
The Anaklia Development Consortium (ADC) says that the Georgian government admits that a new tender to build Anaklia Port is likely to fail as there is a risk that an investor may not be found due to the potential arbitration dispute between the Georgian government and the ADC.
The Georgian government will start the process of selecting a new potential investor for the Anaklia Deep Sea Port project in the near future, Georgian Prime Minister Irakli Garibashvili announced earlier today.
The Georgian Government has plans to hire a consulting group which will ensure aid in selection of investors and other mandatory procedures for facilitating the construction of the deep sea port in Georgia’s Black Sea town of Anaklia, Georgian Economy Minister Levan Davitashvili said on Monday.