M2 to Resume Construction of Ongoing Projects of Company Sveti

At the government sitting of the Tbilisi Municipality held earlier today, Kakha Kaladze, the Mayor of Tbilisi stated that Tbilisi City Hall has launched a Memorandum of Agreement with M2, one of the largest Georgian developer companies, on resuming construction of the ongoing projects of the company Sveti.

Three suspended projects of Sveti integrate 30 residential blocks on Mirtskhulava Street 9-11, Nutsubidze Street 125a and Chkondideli Street 22. The total investment cost of the initiative amounts to 250 million GEL.

The construction of the projects is set to be completed within three years after being granted with the relevant permit, and nearly 2,500 families will receive residential apartments.

Givi Jibladze and Tornike Janelidze, the Heads of the company Sveti have been found guilty for fraudulently acquiring over 3 million GEL. On October 3, 2018, the Investigation Service of the Ministry of Finance of Georgia announced that they had been arrested on charges of fraud, misappropriation of funds and abuse of authority.

 

By Ketevan Kvaratskheliya

Image source: Tbilisi City Hall

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