Investigation Service Releases Statement on Detention of Frego Founders

The Investigation Service of the Ministry of Finance of Georgia has released the statement regarding the detention of the founders of the oil company Frego, businessmen Giorgi Topchishvili and Vladimer Kvelashvili, who were arrested and sentenced to imprisonment according to the judgment of the Tbilisi City Court today.

According to the statement, the businessmen were arrested on charges of preparing and using fake financial documents, namely, invoices.

“G.T., the owner of oil company WISE LINK HOLDINGS LTD registered in Cyprus, and the representative of the same company in Georgia, V. K., who completely manage the activities of two oil companies registered in Georgia – LTD Frego and LTD Globalbitumi, were arrested on charges of preparing and using fake financial documents.

"In total, the amount of damage to the state budget as a result of the crime committed by G.T and V.K is 2,837.683 GEL", reads the statement.

"On July 29, 2019, G.T. And V.K. were charged under the subparagraph A of the second part of Article 210 of the Criminal Code of Georgia, which envisages imprisonment from 4 to 7 years."

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By Ana Dumbadze