Pipia vs BGEO in UK Court

According to Reuters news agency, the Supreme Court of England and Wales has initiated proceedings on the case of Mr. Pipia against BGEO Group.

BGEO is a registered company in England and Wales and its shares are located on the London Stock Exchange.
Mr Pipia was the ultimate beneficiary owner of Rustavi Nitrogen LLC, a company registered in Georgia. Until the end of 2016, Rustavi Nitrogen LLC was the owner of the nitrogen fertilizer plant and operated successfully .

In 2011, Rustavi Nitrogen and another company controlled by Mr Pipia signed a credit agreement with BGEO's subsidiary JSC Bank of Georgia.

The business and assets of Rustavi Nitrogen were sold at the auction held in September 2016.

Mr. Pipia asserted that the auction was incorrectly carried out by the persons involved in it, including BGEO, and the assets of Rustavi Azot Ltd., in comparison to the actual value, were sold at a very high price.

The sum requested by Mr Pipia, which fully compensates for the damage caused to him, is approximately $994 million.

In this case, Mr Pipia's representatives are London legal companies Blake Morgan LLP and Three Stone.