The State Promotes Financial Pyramids

TBILISI(BPI)- The government of Georgia does not take any adequate actions with regard to the financial pyramids, which number has been growing  in recent years. And this despite the fact that there are already thousands of victims in the country who lost their savings, the “Resonance” newspaper writes.


In theory, the National Bank is the only authorized regulator of the financial market  and control over the pyramids is also part of its responsibilities, but it is   incredibly passive, and all its activities with regard to these fraudulent organizations are limited to warnings.

A working group was set  in the parliament with great difficulty to deal with the pyramids, but at this stage it is limited to only one, local task – to  render assistance to the clients of the collapsed  financial pyramid “Sakartvelo”. But evenin this issue it is not very successful, since no one knows in what form assistance can be provided to depositors.


As member of the commission, the MP Guram Macharashvili, told Commersant, the group met with the victims and discussed the possibility of providing assistance to them before the assets of the bankrupt company are sold.


“Our task is to provide at least the minimum possible assistance to the victims. In a few months the sale of  the company assets after which the depositors will receive compensation. As for the policy in relation to  financial pyramids-  the Criminal Code may  be amended, but the state will not interfere in civil litigation, “the deputy notes.


In his words, the function of control over financial activities is entrusted to the National Bank, and if in the work of a particular organization signs of a pyramid are  revealed, the National Bank has the right to suspend its operation. There are no other regulations in this direction.


The deputy says  that first of all citizens themselves should be as cautious as possible in managing their own savings not to fall into the trap of fraudsters.


“It’s always very suspicious when a company proposes to place deposits under an inadequately high percentage. Everyone should understand this, in order not to become a victim of the pyramids. Now the most important thing is to increase the awareness of the population as currently we have more than 2000 victims, “Macharashvili notes.


Human rights activists also speak about the passivity of the state in this matter and demand from the state to take more effective measures against the pyramids.


According to expert Akaki Chargeishvili, the parliament does nothing to protect its citizens from fraudster.


“There was a hope that the interim commission set up in parliament will decide on the recently criminal schemes, but nothing like this happened. The parliament refused to introduce necessary changes into the legislation. In fact, the parliament stimulates crime and financial pyramids doing this, “he explains.


The National Bank states that  the financial pyramids are criminal, and the fight against them is beyond the competence of the financial regulator.


“The National Bank has the only lever of influence – warning statements to be  cautious when investing savings anywhere, since such decisions are associated with a very high risk,” – say in the National Bank.

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