Georgia Capital Plc’s (GCAP) Board of Directors would like to address media speculation as reported late last week by Radio Liberty Georgia. The report speculated that certain members of the US House of Representatives have sent a letter to the new US administration calling for action against a list of 25 individuals, including GCAP’s Chair and CEO, Irakli Gilauri, in relation to recent political events in Georgia.
The Board has no basis for assessing the origin of the list of names. We are, however, actively engaged in contacting the relevant US officials to clarify the circumstances. GCAP is a London listed public company whose main shareholders are predominantly US and European institutional investors. Mr. Gilauri leads the company in upholding the highest standards of corporate governance. We have a broad stakeholder base, and our policy has always been to not involve the company in the country’s political process.
The Board has full confidence in Mr. Gilauri and rejects any suggestion that the US or any other government should be considering action against him. We are confident that, when furnished with relevant information, the responsible authorities would reach the same conclusion.
GCAP, in continuing to maintain the highest standards of governance, will take every necessary action to respond to unwarranted accusations against the company and Mr. Gilauri.
