The company is also awaiting a critical court decision this month from the Supreme Court of Georgia
The Republic of Georgia, a former member of the Soviet Union, has encouraged American investors to enter and help energize their economy. Unfortunately, this may just be theatrics as American real estate developer Iconia Capital LLC has found their project in the country’s capital to be under an ongoing, multi-year attack by opponents backed by local judges and political figures.
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. However, the firm has recently released a short documentary, which, for the first time, has exposed a number of former and current officials involved in the attempted destruction of these guest investors in Georgia.
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 five 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, even as revenues are zero and company expenses continue to mount.
Iconia Capital’s CEO, Seth Char, notes the following message that he has delivered to the Georgian government and the High Council of Justice:
“Sometime this month, we are expecting a major decision from the Supreme Court of Georgia regarding the future of our investment in the country. We respectfully request, and require, that the Georgian government ensures we receive the decision with transparency, expediency, and honesty: under the standards of Georgian and international law. It is legally and ethically wrong for the courts to freeze our business indefinitely when we have violated no laws or codes in Georgia.”
“It is also necessary for the authorities to actually follow up on our evidence and control the “rogue elements” present in the court system: rogue elements that have personal financial interests and have been documented, on record, threatening myself and others.”
Mr. Char also notes that his company continues to pursue legal action via UNCITRAL arbitration against the Georgian government for past and present 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 fraught with risks and dangers that are impossible to overcome.