(Tbilisi, January 3, 2003) President of the Georgian Glass and Mineral Water Company (GG&MW Co.), Mamuka Khazaradze denied today reports of the Financial Times on sale of the controlling stakes in Borjomi mineral waters to the Russian business tycoon Boris Berezovsky.
The Financial Times reported today that Borjomi, one of the most famous Soviet brands of the mineral water has been acquired by a fund managed by a bank with links to Boris Berezovsky, the exiled Russian businessman and politician.
Khazaradze denied the reports, saying they are aimed at damaging their business in Russia. He argued the report “was expected” as the company entered into confrontation with “a strong international force.” Khazaradze apparently hinted at the British Petroleum company, whose plans to run the Baky-Tbilisi-Ceyhan pipeline through the Borjomi valley were strongly opposed by GG&MW Co.
Khazaradze said the company plans 50% increase in production capabilities and is currently looking for co-financing from the international financial institutions.
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