Top Executive of Russian-Georgian Company Arrested

General director of a Russian-Georgian company Energy Invest, Geno Malazonia, was arrested on the suspicions of tax evasion, the chief prosecutor’s office said on May 20.

Malazonia, who was arrested on May 19, is also suspected of fraud, illegal entrepreneurship and misuse of office, “through which the state sustained significant financial damage,” the chief prosecutor’s office said.

Energy Invest, one of the largest investment companies in Georgia owns fertilizer producing plant, Azot, in Rustavi and 110 MW gas turbine generator in Gardabani, which is a joint venture with Russia’s VTB Bank. Majority stakes in Energy Invest is reportedly owned by Russian companies Intergasinvest and Interinvest.

Before joining Energy Invest in 2004, Malazonia served in various position in the state structures since 1999, including as deputy head of customs service; chief of anti-monopoly agency; deputy minister for finance and education. 

According to Energy Invest employees, the tax service has been auditing the company since April 12.

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