Bank of Georgia Group PLC High Court strikes out claim against BGEO GroupLtd (2291W)
April 22 2021 - 01:00AM
UK Regulatory
TIDMBGEO
RNS Number : 2291W
Bank of Georgia Group PLC
22 April 2021
London, 22 April 2021
High Court strikes out claim against BGEO Group Limited
Bank of Georgia Group PLC announces that as of 21 April 2021,
4pm (BST), in proceedings #CL-2018-00026 before the High Court of
England and Wales, where Roman Pipia (the "Claimant") claimed US$
286,499,892.00 (alternatively US$ 291,090,892.00) as damages from
BGEO Group Limited (formerly BGEO Group PLC) (the "Defendant"), a
subsidiary of Bank of Georgia Group PLC, the Claimant's claim has
been struck out and dismissed in its entirety pursuant to an Order
made by Mrs Justice Cockerill D.B.E. on 19 April 2021. The
Defendant, which was represented by Sonia Tolaney QC and
Freshfields Bruckhaus Deringer LLP in these proceedings, intends to
request reimbursement of its costs on the indemnity basis.
The strike out represents the conclusion of all proceedings
related to the foreclosure by JSC Bank of Georgia against the
assets of Rustavi Azoti LLC. A linked dispute launched before the
Georgian Courts by the East West United Bank S.A, Agrochim S.A. and
Sistema Holding Limited against JSC Bank of Georgia, JSC BGEO Group
(both subsidiaries of Bank of Georgia Group PLC) and others,
requesting damages of approximately US$ 93.6 million or
restitution, was also finalised in favour of the defendants, with
the Supreme Court of Georgia upholding the judgments of the two
lower instance courts and dismissing the claimants' claims in full
on 29 December 2020.
Name of authorised official of issuer responsible for making
notification: Natia Kalandarishvili, Head of Investor Relations and
Funding
About Bank of Georgia Group PLC
Bank of Georgia Group PLC ("Bank of Georgia Group" or the
"Group" - LSE: BGEO LN) is a UK incorporated holding company, which
comprises: a) retail banking and payment services; b) corporate
banking, wealth management and investment banking operations in
Georgia; and c) banking operations in Belarus ("BNB"). JSC Bank of
Georgia ("Bank of Georgia", "BOG" or the "Bank"), the systemically
important and leading universal bank in Georgia, is the core entity
of the Group. The Bank is a leader in payments business and
financial mobile application, with the strong retail and corporate
banking franchise in Georgia. With a continued focus on increasing
digitalisation and expanding technological and data analytics
capabilities, the Group aims to offer more personalised solutions
and seamless experiences to its customers to enable them to achieve
more of their potential. The Group aims to benefit from growth of
the Georgian economy, and through both its Retail Banking and
Corporate and Investment Banking services targets to deliver on its
strategy, which is based on at least 20% ROAE and c.15% growth of
its loan book in the medium-term .
JSC Bank of Georgia has, as of
the date hereof, the following
credit ratings:
Fitch Ratings 'BB-/B'
Moody's 'Ba2/NP'
For further information, please visit www.bankofgeorgiagroup.com
or contact:
Archil Gachechiladze Michael Oliver Sulkhan Gvalia Natia Kalandarishvili
CEO Adviser to the CFO Head of Investor
CEO Relations
+995 322 444 444
+995 322 444 144 +44 203 178 4034 +995 322 444 108 (9282)
agachechiladze@bog.ge moliver@bgeo.com sgvalia@bog.ge ir@bog.ge
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