Gia Natsvlishvili, ex-president of the National Olympic Committee of Georgia, was suspected in embezzling funds in large amounts by fraud and in money laundering.

According to the investigative service of the Ministry of Finance of Georgia, the investigation established that “Artes” has complied the request of “Old City Rehabilitation and Development Fund”, which regarded the construction and restoration of a number of streets and areas of Tbilisi (Kaloubani, Agmashenebeli Avenue, Marjanishvili Street and Zaarbruken Avenue) from 2009 till the end of 2012, during which the founder of “Artes” Zaza Kapanadze together with unofficial founder of this company Gia Natsvlishvili in order to assign the budget fictitiously increased the cost of work and in this way they appropriated the money of Tbilisi Development Fund, the sum of money was 4 052 108 GEL. Sergo Kavtaradze, who was than the head of “Old City Rehabilitation and Development Fund” helped them.

Gia Natsvlishvili was interrogated today and Zaza Kapanadze was charged in absentia, because he is not in Georgia.

Natsvlishvili has already left the building of investigation service. He refrained from official comment. But according to his lawyer Mamuka Tchabashvili, his client did not admit his guilty and considers the accusation as absurd. Tchabashvili also said that Gia Natsvlishvili was not the founder of the "Artes" and he worked there only as a consultant.

The investigation is conducted for offences under article 194, part 3 and article 180 of the Criminal Code of Georgia 3, a portion of which are punishable by deprivation of liberty for a period of 9 to 12 years.

Otar Maglakelidze