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Top quality post as always Regdik. Thanks
Phillim I hope out of all this you can get some satisfaction that your sons judgement in buying FRR shares was a good one and that one day we can raise the first celebratory glass to those that are not with us now.
A lot of Georgians are weighing in now with their views and not very complimentary towards FRR. Very selective in their view focusing on the unpaid workers as the main point rather than key failures in fulfilling their contractual obligations. If the workers contracts are with subcontracting drilling companies (often the case) then no doubt the liquidator would not release funds to pay them as they would have to join the list of creditors.
If these employees are directly employed by FRR then failure to pay would cause a breach of licence.
So not knowing who directly employ these workers (84) then GG do not have a strong case as FRR will point to the issue with FRCC (5%) and claim they made provision to cover debt costs and it was others that failed not them. FRR therefore must have others on the payroll not directly associated with FRCC. If these are being paid FRR are not in breach of licence.
I did not expect GG to react nicely or rollover at the new spate of US correspondence. However, it is a wake-up call that billions are at stake here from potential US investments and access to NATO/EU.
I think FRR can point out to 40Mil investment in Georgia over 20 years and undertook a very intensive data gathering process that has now attracted the Super majors to take an interest in Georgia. FRR have seem to have found the key to unlocking the box and now GG want to change the lock. This is what the US Gov. are pointing their finger at and the strangulation of companies due to late payment of tax refunds and red tape.
FRR are a small buy strategic chip in this game of poker and if they are wiped off the board with nothing substantial then US will do what US do best – take way their ball and threaten trade sanctions as the US Gov have heavily supported Georgia and will not be happy to being let down (a lot of high profile political reputations are on the line) .
This will impact Political stability in Georgia and this will be an issue for the Majors and will dampen any significant growth in investment. Instead of being energy independent in a couple of years Georgia will be back buying O&G and having to borrow more from the International banks who will increase interest payments due to the higher risk.
From a position of hope joining the west and reaping the rewards of investment to looking towards Russia and Putin (and all that will bring). How will the Georgia people react?
Russian blood is it not?
Elections systems corrupt and on e year to potentially install new systems.
All in all, quite a fight on the front line at Government level.
These letters are not just about Frr, but they are right up at the front on all of this & I am sure that the GG , especially the head of the Dream lot would not have a 2nd thought on the employees under normal circumstancies. Would add that their head is a multi $B & if really cared would help the ex employees & let everybody know he had.
Touche.
Why else would this company be alive.
The West has invested here in to the country.
The Deep sea port alone in $100 bln. Thats got the US and UK involved and now halted.
Russia is not going to sit quiet here.
The TAPAC, Norio - 2 and BTC pipeline are on the table. No one wants to give in. Poor little Georgia stuck in the middle.
And what if the GG are corrupt.
Let them fight it out.
Our tuppence would be a waste of time and energy.
Thanks for sharing Blownitalready.
These letters have certainly created waves and continue to do so. Even KK is feeling the heat ... :)
We need to communicate with congressmen and provide information to them, because the letters we saw clearly contained inaccurate information on specific issues, - Tbilisi Mayor Kakha Kaladze told reporters when responding to the letters sent by the US congressmen and senators.
He said the congressmen need to be provided with correct information.
"For me, the statement of the official Washington, the State Department, is important. We heard and saw the assessments made on the processes, reforms, challenges in Georgia. We need to communicate with these people. We need to provide information, because the letters we saw clearly included inaccurate information about specific issues. Of course, we need to go there and provide correct information to them,” Kaladze said.
https://www.interpressnews.ge/en/article/105543-kakha-kaladze-we-need-to-communicate-with-congressmen-because-the-letters-we-saw-clearly-contained-inaccurate-information