TBILISI, Georgia, June 7, 2019:
The American investment firm Iconia Capital LLC, which is fully owned and financed by U.S. citizens from Hawaii, continues to struggle against local adversaries who are backed by contacts in both the Georgian government and in the judiciary.
Formed in April 2014, Iconia Capital LLC has had its first real estate development project in Tbilisi, the Hippodrome Skytowers, under constant attack and harassment for the past four years by politically connected opponents with personal interests in illegally seizing the Americans’ property. Due to open attacks by government officials, irregular and biased court decisions, threats from former court officials, defamation by a pro-government television channel, and even threats of physical confrontations, the American investors have been frozen in time: unable to continue construction on the project, unable to attract new investors for the project, and even unable to sell or dispose of the project to reclaim their original investment funds.
Iconia Capital’s firebrand CEO, Seth Char, wrote the following in a letter addressing members of the U.S. business community:
“In response to serious and ongoing complaints of harassment, fraud, and worse against multiple U.S. companies in Georgia, Congress was forced to act by introducing not one, but two sanctions bills targeting both the Georgian government and individuals connected to it: the 2017, then 2019 Georgian Fair Business Practices Sanctions Act (House Resolution 1461). It is criminally deceptive and morally reprehensible for Prime Minister Bakhtadze and his entourage to represent Georgia as a safe and welcoming place for American investors; in fact, investing in this country has been the worst decision of my professional career to date.”
Mr. Char also notes that his company continues to pursue legal action via UNCITRAL arbitration against the Georgian government for violations of the 1994 U.S. - Georgia Bilateral Investment Treaty, which requires guarantees of protection, security, and fair treatment to all Americans operating in the country.
Until the Georgian government can restore security and rule of law for the American businesses who have been harmed, or worse, bankrupted by rogue elements in Georgia, the investors of Iconia Capital maintain their position: that investing in Georgia continues to be an activity marked by questionable profits combined with an unlimited downside.
For more information be sure to visit www.iconiacapital.com.
Phone: +995 593 40 74 70