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Investigative reports

Budget Is Loser in State Lottery

by | Jul 22

By Nino Bakradze www.ifact.ge In 2011, a company formed by the brother-in law of former Georgia Minister of Defense David Kezarashvili to operate the country's national lottery system gave 70 percent of that company's shares to the Ministry of Economics free of charge. Leaked documents found in the Panama Papers offer a possible explanation for this gift. Due to a wild overestimation of possible revenues from the lottery, the Georgian Lottery Company was already 30 million lari (about $US12 million) behind in its promised payments to the government for the rights to operate the lottery. The holding company for Georgian Lottery Company was registered in the British Virgin Islands (BVI) in 2009 and the sole shareholder was Dimitri Chikovani, whose brother-in-law was a powerful minister under former President Mikheil Saakashvili and is currently a fugitive from justice in England. The Panama Papers are a collection of documents from the Panamanian law firm Mossack-Fonseca, obtained by the German newspaper Suddeutsche Zietung  and shared by the International Consortium of Investigative Journalists with reporters from over 80 countries. According to the Panama Papers documents, Lexor Capital was registered ...

Caucasus region

Azerbaijani Insiders Benefited from Currency Collapse

by | Jun 8

by Dave Bloss, Miranda Patrucic, Khadija Ismayilova and OCCRP Azerbaijan 06 June 2016 The First Family of Azerbaijan and a close business partner made a series of financial transactions in the days and weeks before a crippling 2015 devaluation of the national currency that eventually earned them at least 100 million manat (US$ 64 million) in just two deals while additionally protecting their banks and companies.

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