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Civil.ge
a day ago
- Politics
- Civil.ge
Ex-Defense Ministry Officials, Ex-Minister's Relative Arrested on Embezzlement Charges
The State Security Service of Georgia (SSSG) arrested former Deputy Defense Minister Giorgi Khaindrava, the former head of the Defense Ministry's procurement department, and a relative of ex-Defense Minister Juansher Burchuladze on charges of embezzling a large sum of money from the ministry. The arrests come amid a series of prosecutions and controversies involving former Georgian Dream officials and business associates, as the ruling party intensifies its anti-corruption rhetoric, while critics point to possible internal power struggles and waves of retribution. According to the SSSG, a coordinated group executed a criminal scheme in 2023 that resulted in the embezzlement of GEL 1,333,728 (approximately USD 500,000) from the state budget. 'The group conducted the procurement of medical equipment without actually carrying out real market research,' Emzar Gagnidze, head of the SSSG's Anti-Corruption Agency, stated during the July 27 briefing . The SSSG stated that the group ensured only 'interconnected' companies 'closely linked' to Burchuladze's relative were allowed to participate in the procurement process, which was deliberately structured to inflate the price of medical equipment through sham transactions involving private firms and same-day tax documentation. 'As a result, the Georgian Defense Ministry carried out the procurement of medical equipment at a price significantly above market value,' Gagnidze said. He highlighted an 'important circumstance,' noting that the then-defense minister's close relative had assured the pre-selected companies of a 'guaranteed win,' citing his connections to 'relevant officials.' The detained individuals now face 7 to 11 years in prison on charges of large-scale embezzlement committed by a group in prior agreement and through abuse of official position, under Articles 182 (2-a,d) and 182 (3-b) of the Criminal Code of Georgia. Although former Defense Minister Juansher Burchuladze was not directly named, the alleged crime took place during his tenure, which lasted from 2021 to 2024. In February 2024, shortly after Burchuladze's resignation, Mtavari Arkhi channel reported that the SSSG had begun questioning his deputy, Giorgi Khaindrava, and Vladimer Ghudushari, head of the procurement department, both of whose initials match those mentioned in the SSSG's July 27 briefing. While independent corruption watchdogs have long highlighted suspected corruption in state agencies—often involving preferential procurement schemes—the Georgian Dream government has stepped up its crackdown on alleged corruption cases only in recent months. In June, SSSG also arrested ex-Deputy Economy Minister Romeo Mikautadze on corruption-related charges. The crackdown also involves legislative moves, including a bill pending in the Georgian Dream parliament, which foresees radical measures against those convicted of financial crimes. Also Read:
Mint
03-07-2025
- Business
- Mint
Up 3300% in 5 years! Multibagger V2 Retail share price soars 4% after Q1 business update
V2 Retail saw its shares kick-start Thursday's, June 03, trading session strongly, gaining 4% to the day's high of ₹ 1,890 apiece as investors appeared to be happy following the release of the company's June quarter business update. The company began FY26 on a strong footing, reporting a 51% YoY jump in revenue at ₹ 628 crore despite the high base. This performance, the company said, was driven by the effectiveness of its product-first strategy, improved sell-throughs, and deeper market penetration. SSSG for the quarter stood at 5%, with strong double-digit growth in May and June, offset by a temporary dip in April due to the early Eid shift into Q4 FY25. On a normalized basis, Q1 SSSG stands at 10%, reflecting sustained consumer demand and precision in assortment planning. The company during the quarter added 28 new stores and closed one underperforming location, taking its total store count to 216 and expanding its retail area to 23.48 lakh sq. ft. Its expansion remains focused on Tier 2 and Tier 3 cities, in line with its mission to democratize fashion for emerging India. "We are entering FY26 with strong tailwinds—powered by innovation, speed of execution, and consumer trust. Our customer-centric approach, backed by data-driven merchandising and operational agility, positions us well to lead India's growing value fashion landscape," the company said. The stock has been maintaining the strong momentum over the past few years, continuing to surge even while the broader market struggled. From a price of ₹ 85 per share in February 2023, the stock has risen by 2,100% and is now trading at ₹ 1,869 apiece. Impressively, during this period, the stock remained in positive territory for 23 out of 29 months, highlighting its consistent performance. Over the past 5 years, it has delivered a remarkable gain of 3281%. In late May, the stock reached a new record high of ₹ 2,070 per share, crossing the ₹ 2,000 mark for the first time. V2 Retail is one of the fastest-growing retail companies in India, offering a portfolio of products, including apparel and lifestyle products. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
