Notorious Construction Firm Co-Owner Released from Prison

Co-owner of the notorious real-estate development firm Center Point Group, Rusudan Kervalishvili was released from prison today after serving a four-year sentence for embezzlement of some GEL 11 million.

Kervalishvili was found guilty in 2017 alongside her sister Maia Rcheulishvili, another co-owner of the company, who is serving a seven-year sentence in another fraud case against the Center Point Group.

“I regret that people [clients] who trusted us have suffered losses together with us,” said Kervalishvili today upon her release, referring to customers who had paid down-payments for an apartment project which the company failed to construct.

Noting that she has not been involved in the firm’s affairs since 2007, Kervalishvili said her sister is now cooperating with Tbilisi City Hall and eight developers who are to deliver on Center Point Group‘s various unfulfilled construction obligations.

Kervalishvili also stated that she expects a bargain deal with the Prosecutor’s Office for the release of Rcheulishvili, who has already served five years in jail, in exchange for transferring the Group‘s assets and cash to the investors.

Besides the scandal-ridden career in the construction business, Kervalishvili served as Georgian Parliament Vice-Speaker in 2008-2012, as a then-ruling party United National Movement lawmaker.

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