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Prosecutors Retrieve Financial Documents from Palitra Media Holding

The Prosecutor’s Office retrieved from the Colorpack printing house, a subsidiary company of the Palitra Media Holding, all financial documents issued from 2014 through 2018.

In a statement released on September 25, the Prosecutor’s Office said the files were retrieved as part of the ongoing investigation into abuse of power and embezzlement of large amount of public funds by “some officials” reportedly involving former Economy Minister Dimitri Kumsishvili

According to the Prosecutor’s Office, in 2014, Colorpack received a USD 1.6 million loan within the state-funded “Produce in Georgia” program, with interest rates co-financed from the state budget for 24 months.

Palitra Media Holding responded with a statement on September 25, saying all requested documents were handed over to the Prosecutor’s Office, but it was “unclear what was the reason that necessitated retrieval of all financial documents [from 2014 to 2018].”

Colorpack director Giorgi Zhorzholiani commented on the matter as well, saying hundreds of other companies were also co-financed within the state-funded program. “All of our competitor or partner printing companies benefited from the Produce in Georgia program and developed their business,” he said.

Colorpack Ltd is fully owned by Color Ltd and 41.4% of the latter’s shares are owned by Kviris Palitra Ltd.

75% of shares in Kviris Palitra are owned by Irakli Tevdorashvili, who according to media reports, is former Economy Minister Dimitri Kumsishvili’s relative.

Dimitri Kumsishvili was summoned by investigators multiple times following his resignation.

This post is also available in: ქართული (Georgian) Русский (Russian)


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