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www.georgiatoday.ge Issue no: 824/17 • MARCH 8 - 10, 2016 • PUBLISHED TWICE WEEKLY PRICE: GEL 2.50

In this week’s issue...

Hotel Crowne Plaza Opens in Borjomi

PAGE 2 Cushman & Wakefi eld | FOCUS Veritas Brown’s Take on ON BUSINESS the New Incentives for SECURITY the Hospitality Industry in Concerns are growing over the Georgia Magticom Chief David Lee is one of many who are talking about potential Russian take-over of potential social network abuse by the Russian government for the Georgian internet services PAGE 5 PAGE 3 creation of anti-EU sentiment in Georgia The Making of Nations Government to Create Initiative Group for ISET PAGE 4 Better Communication with SMEs Dentistry Today: All BY EKA KARSAULIDZE about the Doctor-Patient rime Minister Giorgi Kvirikashvili and Minister of Economy and Sustainable Relationship Development of Georgia Irakli Kum- sishvili met representatives of Small and Medium Enterprises to talk about PAGE 8 Ptheir role in economic development, government programs, and the establishment of better com- munication. The meeting with the representa- Georgia to Receive More tives of about 50 different SME industries was held in Expo Georgia on March 4. Azeri Gas Supplies, Mulls PM Kvirikashvili made a proposal to establish a permanent dialogue with representatives of initiative group which will link the relationship A similar system already operates with Large Gazprom Deal Small and Medium Enterprises. This implies between business and government, report the Businesses. personal meetings, as well as the creation of an hot issues and monitor the response of the State. Continued on page 2 PAGE 10

Prepared for Georgia Today Business by Markets Asof04ͲMarͲ2016 STOCKS Price w/w m/m BONDS Price w/w m/m BankofGeorgia(BGEOLN) GBP19.4 Ͳ1,0% +6,9% GEOROG05/17 100.13(YTM6.75%) +0,7% +0,6% GHG(GHGLN) GBP1.61 +5,1% Ͳ12,2% GEORG04/21 105.90(YTM5.53%) +0,3% +1,2% TBCBank(TBCBLI) US$9.50 Ͳ +1,7% GRAIL07/22 104.44(YTM6.87%) +0,8% +2,2% GEBGG07/17 103.38(YTM5.07%) +0,3% +0,2% COMMODITIES Price w/w m/m CrudeOil,Brent(US$/bbl) 38,72 +10,3% +12,4% CURRENCIES Price w/w m/m GoldSpot(US$/OZ) 1258,95 +2,9% +8,9% GEL/USD 2,4650 Ͳ Ͳ1,0% GEL/EUR 2,7130 +0,5% Ͳ3,1% INDICES Price w/w m/m GEL/GBP 3,5141 +2,8% Ͳ3,3% FTSE100 6199,43 +1,7% +5,1% GEL/CHF 2,4882 +0,5% Ͳ0,7% FTSE250 16931,19 +2,2% +5,2% GEL/RUB 0,0343 +6,2% +6,2% DAX 9824,17 +3,3% +4,6% GEL/TRY 0,8485 +2,9% Ͳ0,8% DOWJONES 17006,77 +2,2% +3,6% GEL/AZN 1,5165 Ͳ3,1% Ͳ3,2% NASDAQ 4717,02 +2,8% +4,6% GEL/AMD 0,0050 ͲͲ MSCIEMEE 116,68 +7,2% +8,3% GEL/UAH 0,0939 +4,0% Ͳ2,5% MSCIEM 790,97 +6,9% +7,0% EUR/USD 0,9086 Ͳ0,7% +1,8% SP500 1999,99 +2,7% +4,4% GBP/USD 0,7029 Ͳ2,5% +2,6% MICEX 1878,29 +3,4% +5,1% CHF/USD 0,9927 Ͳ0,4% Ͳ0,1% MSCIFM 2381,49 +2,9% +5,4% RUB/USD 71,8750 Ͳ5,8% Ͳ6,5% GTIndex(GEL) 886,18 Ͳ0,0% +0,0% TRY/USD 2,9045 Ͳ3,0% Ͳ0,3% GTIndex(USD) 708,13 +0,2% +1,0% AZN/USD 1,6250 +3,8% +1,9% GEORGIA TODAY 2 BUSINESS MARCH 8 - 10, 2016 Government to Create Initiative Group for Better Communication with SMEs

Hotel Crowne Plaza Opens in Borjomi

pay more attention to Borjomi infrastructure, BY ANA AKHALAIA which will make the resort an international tour- Continued from page 1 hotels), which is to be launched soon. ism hub. “However, to develop these fi elds in the right way, “Just a few days ago we announced that the “Naturally Large Businesses are important, I have we need your feedback,” the PM told business rep- nterContinental Hotels Group, one of the program ‘Produce in Georgia’ has added a new nothing against them, but not only well-known resentatives. “We want to listen to your ideas about world’s largest hotel companies, has entered component ‘Host in Georgia,’ which is to con- people should appear at meetings with top offi - what should be done to encourage SMEs in Georgia.” Borjomi, a resort town in south-central tribute to the development of hotel networks in cials,” the PM said. “The SME sector is a dynamic The meeting raised various issues: administra- Georgia, with its Crowne Plaza brand. The the regions. We thank company Dizon Limited force with the highest growth rates. Moreover, this tive, payment, fi nancial themes, issues of popu- fi ve-star hotel Crowne Plaza Borjomi was for the implementation of this particular hotel is one of the most important sectors of the economy larization of different areas, abolition of income ofIfi cially opened by Prime Minister Giorgi Kvirika- project. The company has also restored Borjomi in terms of jobs.” tax, creation of a ‘Front offi ce,’ where all govern- shvili on March 6th. sulfur pools, which have a long history and whose The head of the Georgian Government also dis- ment services will be available for businesses, and USD 32 million was invested in the hotel con- recovery was very important for this resort,” said cussed the four-point reform plan, one of the main much more. struction and 250 people were employed, 150 of the PM. directions of which is business promotion. The Both sides were satisfi ed as the entrepreneurs which were local residents. The Hotel manage- Borjomi is famous for its mineral water industry, reform plan involves government support, economy, had the chance to discuss their problems with the ment itself consists of 150 people. which is one of the largest exports of Georgia, the infrastructure and education. According to PM authorities and get a response. The Prime Minister stated that the hotel further Romanov summer palace in Likani, and the World Kvirikashvili, the government has many programs “The business sector is well aware of the govern- underlines Borjomi as one of the most important Wide Fund for Nature site Borjomi-Kharagauli for fi nancing new businesses. The Start-up Financ- ment programs that are designed for them,” said tourist destinations in Georgia. He pointed out National Park. Because of the supposed curative ing Fund will begin in the near future, the ‘Produce Minister of Economy, Irakli Kumsishvili. “We have that the number of visitors to Georgia has increased powers of the area’s mineral springs, it is a fre- in Georgia’ state program is expanding, as well as already heard and noted all the issues that they are by 23% compared to the same period in 2015. quent destination of choice for people with health its new sub-components, like ‘Host in Georgia’ interested in, and will begin work on their consid- He further added that the government should problems. (which supports the creation of a network of small eration soon,” he said.

Ministry of Economy Creates New Agency to Develop Export Potential

extent and other characteristics. BY ANA AKHALAIA The Trade Development Agency plans to organ- ize a number of bilateral inter-governmental economic meetings with the European Union new Agency, the ‘Trade Develop- and other European countries, to prepare phrase- ment Agency,’ has been created in books for delegation visits and to cooperate with the Ministry of Economy and Sus- the diplomatic corps. tainable Development with the sup- port of the European Union and EuropeanA countries on an Order issued by the GEORGIA Minister of Economy, Dimitri Kumsishvili, based on a governmental decision. TODAY To develop Georgia’s export potential, the new would like to agency’s main activities will consist of studying congratulate the markets of European countries, making trade its beloved turnover analysis, and preparing respective rec- team mem- ommendations. ber, Tim At the same time the Agency will provide con- Ogden, on sultations to business operators which are in a his recent trade relationship with the EU, identify their marriage to needs and problems, and respond to them. It will also provide interested entrepreneurs with infor- Anna mation on trade benefi ts. In addition, it will help Jorbenadze. them to make contacts with marketing companies Wishing you and business operators of the European coun- both long life tries. and much It will further gather information on Georgian happiness exporters in Europe, register them and carry out together! categorization of their activities, according to GEORGIA TODAY MARCH 8 - 10, 2016 BUSINESS 3 Cushman & Wakefi eld | Veritas Brown’s Take on the New Incentives for the Hospitality Industry in Georgia Tom Day, Regional Director of Cushman & Wakefi eld | Veritas Brown for Hospitality and Investor Services

EORGIA TODAY had the market put short-term pressure on Gudauri and Bakuriani. in USD/EURO) for the fi rst 2 years ing of consulting services. privilege to meet with Tom occupancy and average daily rates across In total, we have performed Feasibility • Minimum loan volume – GEL 500,000 Cushman & Wakefi eld hospitality con- Day, Regional Director of the sector during 2015. The supply pipe- Studies for 17 hospitality projects through- (or equivalent in USD/EURO) sultancy services for all of these incentive Cushman & Wakefi eld | line is strong in both Tbilisi and Batumi out Georgia as well as sourcing interna- • Maximum loan volume – GEL 1,000,000 schemes can be co-fi nanced by Enterprise Veritas Brown for Hospital- and during 2016-2018 approximately tional hotel operators for some of these (or equivalent in USD/EURO) Georgia under the Ministry of Economy ityG and Investor Services, to discuss the 2000 hotel rooms of 4/5 star standard projects including Radisson, Swiss-bel- • Partial collateral guarantee for the fi rst and Sustainable Development of Georgia. developments and incentives in the Hos- are due to be added to the Georgian hotel and Wyndham Hotels. 4 years, 50% of the total loan, with upper pitality Sector across Georgia. hospitality market. limit of GEL 500,000 (or equivalent in HOW CAN CW | VB HELP Whilst ADR and occupancy will come COULD YOU PLEASE EXPLAIN USD/EURO). POTENTIAL DEVELOPERS HOW WOULD YOU under pressure during 2016-2018, the THE NEW HOSPITALITY AND INVESTORS WITH EVALUATE THE HOSPITALITY forecast growth in leisure tourist and INCENTIVE SCHEME OFFERED INTEREST RATE AND FRANCHISE/ THIS NEW SCHEME? SECTOR IN 2015? business travelers should ensure that BY THE GEORGIAN STATE MANAGEMENT CONTRACT CO- We create added benefi t to a hospitality The Georgian hospitality sector during across Georgia ADR and occupancy sta- PROGRAM “PRODUCE FINANCING for the Development of development project through expert fea- 2015 saw an increase in the branded 4/5 bilize at $120 and 60% respectively. The IN GEORGIA”? International Brand Hotels: sibility study analysis and fi nancial mod- star hotel room supply in Tbilisi by 349 relatively low hotel operating costs across In the framework of this initiative entre- • Co-fi nancing of hotel Franchise/Man- elling to ensure that our clients receive rooms and in Batumi by 427 rooms. The Georgia will continue to ensure that hotel preneurs receive fi nancial and technical agement agreements for the fi rst 2 years the project rates of return that are com- 5* “Hotels & Preference” Hualing Tbilisi balance sheets remain healthy despite assistance from the Georgian state pro- (up to GEL 300,000 annually) mensurate with the discount rates applied opened during the second quarter 2015 the strong pipeline supply growth. gram to develop a hotel, expand and • 10% Interest rate co-fi nancing (loans to fi nance in Georgia. Typically, regional with 247 rooms. The 4* Mercure Tbilisi refurbish the existing one, sign a franchise in GEL) for the fi rst 2 years and global investors want to see at least operated by Accor Hotels opened in June WHAT RECENT PROJECTS or management contract with a renowned • 8% Interest rate co-fi nancing (loans a 15-20% internal rate of return per year 2015 with 102 rooms. In Batumi, the 5* HAVE CW | VB WORKED hotel brand. The project must be located in USD/EURO) for the fi rst 2 years to invest in projects across Georgia. Where Leo Grand hotel opened its doors on the ON IN HOSPITALITY? outside of Tbilisi and Batumi and “Pro- • Minimum loan volume – GEL 500,000 a development project needs part or full 7th June with 180 rooms and on May 20th, We advise numerous hospitality devel- duce in Georgia” will support with: Inter- (or equivalent in USD/EURO) fi nancing, our Investor Services team Batumi also saw the opening of the 5* opment companies and existing hotel est rate co-fi nancing, partial collateral • Maximum loan volume – GEL 5,000,000 then aims to bring about investment by Hilton Batumi with 247 rooms. operators and owners across Georgia. guarantee, fi nancing franchise fees and (or equivalent in USD/EURO) matching the available projects to our For a sample of seven 4/5* hotels (fi ve Our expert consultancy team based in consultancy costs. Enterprise Georgia • Partial collateral guarantee for the fi rst extensive database of global investors. in Tbilisi and two in Batumi) compris- Tbilisi have advised many of the largest under the Ministry of Economy and Sus- 4 years, 50% of the total loan, with upper Our hospitality team also offer hotel ing 1200 hotel rooms, the full year data hospitality projects in Georgia, for exam- tainable Development of Georgia will limit of GEL 2,500,000 (or equivalent in operator and brand search services, assist- shows a fall in occupancy for the year ple: Axis Towers in Tbilisi, the Hilton provide fi nancial and technical assistance USD/EURO). ing the hotel developer by bringing inter- from 65.6% (2014) to 62.5% (2015). Aver- Batumi Hotel & Belle Vue Residences, in the following manner: national operators and brand names to age daily rates (ADR) slipped from $140 the Metro City project in Batumi, the FRANCHISE/MANAGEMENT CON- the market, hence adding value to the (2014) to $134.75 (2015) and RevPAR was Babillon Tower project in Batumi, luxury INTEREST RATE CO-FINANCING for TRACT CO-FINANCING for the Devel- projects. down year on year by 8.5%. spa and wellness concepts in Ureki and Hotel Development/Expansion: opment of International Brand Hotels: Our Tbilisi offi ce is available to handle A combination of regional shocks to Kaprovani. We have also conducted fea- • 10% Interest rate co-fi nancing (loans • Co-fi nancing of Franchising/Manage- your enquiry on +995 322 474849 or please demand and the addition of almost 800 sibility study and master planning work in GEL) for the fi rst 2 years ment agreements for the fi rst 2 years (up do email for expert advice: tom.d@veri- rooms of supply to the Georgian hotel for hotel resorts in the ski resorts of • 8% Interest rate co-fi nancing (loans to GEL 300,000 annually) and co-fi nanc- tasbrown.com. GEORGIA TODAY 4 BUSINESS MARCH 8 - 10, 2016 THE ISET ECONOMIST A BLOG ABOUT ECONOMICS AND THE SOUTH CAUCAUS www.iset-pi.ge/blog

The ISET Policy Institute (ISET-PI, www.iset-pi.ge) is an independent think-tank associated with the International School of Economics at TSU (ISET). Our blog carries economic analysis of current events and policies in Georgia and the South Caucasus region ranging from agriculture, to economic growth, energy, labor markets and the nexus of economics, culture and religion. Thought-provoking and fun to read, our blog posts are written by international faculty teaching at ISET and recent graduates representing the new generation of Georgian, Azerbaijani and Armenian economists. The Making of Nations

Things changed quite dramatically the following BY ERIC LIVNY year. I passed entrance exams and was admitted (with a scholarship) to the Hebrew Reali School in Haifa, an elitist private institution that agreed OING UP … OR DOWN? to (very partially) open its doors to outsiders like I was 13 when my family took the myself. A more than 2-hour daily commute from fateful decision to make ‘Aliyah’ to Kiriat Ata (a small working class town in Haifa’s Israel back in 1977. ‘Aliyah’ (the act of vicinity) seemed like a good price to pay for mem- going up in Hebrew) is a nice term bership in this prestigious club, a hotbed of tech- describingG Jewish ‘repatriation’ from the Diaspora nological talent, intellectual, military and political (St. Petersburg, in my case) to the Holy Land. Ety- leadership. mologically, ‘Aliya’ originates in the ancient Isra- As the only ‘Russian’ kid in the class, I worked elite tradition of annual ‘pilgrimage tours’ to Jeru- very hard to hide my foreign identity and accent. salem (situated almost 1km above sea level). Yet, Thus, I spent hours circling my (very) humble there was very little ‘going up’ in the social status abode in order to practice the diffi cult Hebrew ‘r’ of my family during the fi rst fi ve years in Israel. sound. Very soon I acquired near fl awless mastery My parents took more than two years to learn of the language, but all my efforts to ‘connect’ and enough Hebrew to be able to land their fi rst jobs. become socially accepted fell fl at. To cut on household expenses, I was sent off to Ironically, my classmates and I wore the same Alonei Itskhak, a Jewish Agency-fi nanced boarding uniform consisting of jeans and blue shirts with school catering to immigrant kids: recent arrivals the school’s motto “Walk Humbly” (Micha, 6:8) from USSR, like myself, and children to barely lit- sewn to the pocket. Yet, these blue shirts could not Having immigrated to Israel at 13, I started feeling a proud Israeli citizen only when I wore the military uniform of an elite paratrooper unit erate parents who immigrated to Israel from remote conceal the differences in social status between rural communities in Morocco, Algeria, Tunis, and outsiders and those born into upper middle class other North African nations in the 1950s. Israeli families from Haifa’s upscale neighborhoods THE GROUND BENEATH MY FEET The truth is that, just like all modern nations of Needless to say, the two groups – the ‘Russians’ on Mount Carmel. The year was 1982. Israel was at war in Lebanon our time, the Georgian nation is very a recent cre- and ‘Moroccans’ – lived in parallel universes. We By the age of 16, I gave up on desperate attempts and volunteering to serve in an elite paratrooper ation. Until well into the 19th century, Kartvelian attended the same classes but had little else in to acquire ‘authentic’ Israeli friends and found ref- unit seemed like the right thing to do. Very soon I tribes were just that: tribes. Of course, they spoke common. We communicated in different languages, uge in the company of other ‘Russians’ closer to found myself in a boot camp with 25 other young closely related dialects and had a common religion, and were different in everything that mattered: my proletarian neighborhood. This could have been guys: Dov Zilber from Moshav Kfar Kish and Ofer but one would have a hard time discerning anything from manner of speech and behavior, to hobbies the end of my Israeli dream, except that at the age Cohen from Naharia; Yair Itzhaki from Kubbutz like a common national sentiment. And, indeed, and intellectual interests. of 18 I was drafted by the Israeli military. Kineret and Roni Almagor from Tel Aviv; Amir how could there be any unifying sentiment in a Halkin from upscale Savion and Pinki Zuaretz from territory divided by impassable mountain ranges crime-infested Netanya; Arik Libman (myself), son and artifi cial borders imposed by rival empires and of recent Soviet emigrants, and Omri Sharon, son competing feudal rulers. of the then Minister of Defense and future Prime Georgia’s revival as a nation started with the Minister Ariel Sharon. country’s political unifi cation under the Russian rule in early 19th century. However, it was not until 1860s and 70s, when infl uenced by other national NATIONAL ARMY, ISRAELI STYLE movements on the fringes of the Russian empire Military service is a universal duty for Israe- and elsewhere in Europe, Georgian intellectuals lis (certainly for the Jews among them). Every were able to take the country’s nation-building young Jewish Israeli man and woman, regard- project to the next level. Two notable milestones less of their social status, education, or skin in this process were the publication, in 1876, of color is required to serve in the Israeli Defense Mother Language (დედა ენა) by Iakob Gogebash- Forces (IDF). Moreover, military duty is not vili, and the establishment, three year later, of the only mandated by law but is considered to be Society for the Spreading of Literacy among Geor- a privilege. gians. Led by Ilya Chavchavadze, Iakob Gogebash- About a year prior to being drafted, young vili and other literati, this charity supported the Israelis start going through a battery of tests teaching of the Kartuli vernacular in newly founded designed to examine their psychological fi tness, schools across the entire country, seeking to estab- cognitive and physical abilities. The purpose is lish it as a common national language for all Geor- to optimally match future soldiers and offi cers gians. Kartuli books, newspapers and magazines (based on their skills and motivation) to mili- published by Chavchavadze et al were just another tary occupations and units. Those selected into means of achieving the same goal. occupations that require prior training are Celebrating its 130th anniversary in 2016, Geor- assigned to intensive prep courses in program- gia’s nation-building project is not much younger ming, technology, languages, etc. Depending than most national movements in Europe. However, on IDF needs, hundreds are allowed to acquire having achieved independence only in 1991, Geor- higher education degrees in fi elds ranging from gia is still a very young nation, lacking in maturity IT and engineering to medicine and law (yes, and confi dence of its older siblings. As we wrote the army also employs lawyers!) in order to on these pages, to date, Georgians tend to cluster serve in a professional capacity. in family groups and clans, and many of the coun- try’s challenges – in business, politics and govern- ment – stem from people’s limited ability to let go Once again, I was the only ‘Russian’ in the pack, of these primitive parochial bonds. but this time it seemed to be of little signifi cance. Sadly, instead of breaking existing divides, Geor- What mattered was your willpower and physical gia’s education system and institutions, such as the strength; the agility with which you would wake military, are major detractors from the country’s up to substitute for your friend on a night duty or nation-building project. Instead of facilitating social stick your shoulder under a heavy stretcher. It was mobility, Georgia’s public schools are sustaining about who you were yourself and not “what is your and deepening existing social and cultural gaps father” (a line that stuck with me from A Portrait (see “Like Teacher Like Son” on the ISET Econo- of the Artist as a Young Man). mist Blog). Instead of helping heal wounds in Geor- This was the moment when I fi nally started feel- gia’s social fabric, the Georgian law on military ing a proud Israeli citizen. duty and military service effectively divides the nation into haves and have nots. As a result, Geor- GEORGIA’S NATION BUILDING gia ‘national’ army is but an army of illiterate peas- PROJECT CELEBRATING 130 YEARS ants, poorly motivated and unfi t for the security Most Georgians are acutely aware of the fact their challenges of the 21st century. country is home to many ethnic and religious * * * minorities – Armenians and Azerbaijanis, Ossetians The good news is that backwardness comes with and Yazidis, Jews and Greek. Yet, few would doubt an important advantage: ability to learn from the that despite being divided and ruled by dominant mistakes and successes of others. Israel may face regional powers for much of its history, the Geor- its own share of challenges, but if there is one thing gian nation has been in existence since times imme- Georgia could learn from Israel it is how to use the morial. military as the ultimate nation-building device. GEORGIA TODAY MARCH 8 - 10, 2016 BUSINESS 5 A Matter of National Security? VimpelCom in the

Georgian Market larly heightened for Georgia when the Russian VimpelCom was founded in sale of a communication company 1992. It operates throughout the Com- involves Russia-based operators. monwealth of Independent States space ership at the Davos Economic Forum “A company of this size, having already “Bearing in mind Russia’s continuous and has shares on the European market, BY ZVIAD ADZINBAIA late January, the Prime Minister of Geor- been convicted of corruption, can dis- attempts to penetrate the communication including in Italy and Greece. gia, Giorgi Kvirikashvili, stated that he rupt the normal operation of the market. markets in a number of countries over the In November 2015, the company’s CEO, does not see any misgivings in Beeline’s For example, by offering an astronomical past years, purchasing mobile and internet Jo Lunder, was arrested on corruption arly January this year, Vimpel- future acquisition of part of Caucasus price for assets and then price dumping providers in Georgia will strengthen Rus- charges in Oslo, Norway. The case alleges Com, one of the largest Rus- Online, confi rming that the deal does to remove competition,” Lee stated. sian capability of gathering and monitor- that in exchange for an operating license, sian mobile and telecommu- not refer to the selling of the backbone Following public concern over the ing the information fl ow in Georgia and VimpelCom funneled some USD 57.5 nications companies, through infrastructure. potential deal, over 10 leading NGOs in make use of such for Russian intelligence million to Takilant, a company linked to its daughter company Beeline, Director of Beeline Georgia, Giorgi Georgia, including the Strategic Com- purposes,” the NGOs claim. Gulnara Karimova, the daughter of Uzbek announcedE its interest in the Georgian Tkeshelashvili, also said that the Russian munications Center, Georgia’s Reforms Civil society is urging the addressees President, Islam Karimov. market. The deal concerned the fi ber- company is not interested in purchasing Association, Transparency International of the petition to put on hold the nego- Last month, the Securities and Exchange optic cable through which Georgia the fi ber-optic cable. Georgia, and public movement Iveria, tiations between Caucasus Online and Commission announced a global settle- receives internet from Europe (the Bul- David Lee, head of Magticom, the larg- sent a petition to the President, Prime- VimpelCom until the issue has been ment along with the US Department of garia-Poti undersea cable). est telecommunications company in Minister, Parliamentary Speaker and the investigated with due consideration. Justice and Dutch regulators that requires The cable is currently owned by Cau- Georgia, spoke to GEORGIA TODAY on Chairman of the Georgian National Com- Nika Rurua, a founder of Iveria, told VimpelCom Ltd. to pay over USD 795 casus Online, a Georgian internet service the matter. He claims that VimpelCom is munication Commission, warning them GEORGIA TODAY that through open- million to resolve its violations of the provider that controls a large part of the a corrupt Russian company and says that of the national security risks that the ing doors for the Russian government- Foreign Corrupt Practices Act (FCPA) Georgian internet communications mar- if it is allowed to enter the Georgian mar- deal could incite. affi liated company, Russia will be enabled to win business in Uzbekistan. ket. ket, there will be no way to stop Russian The petition says that the government’s to control Georgian internet space. VimpelCom’s Beeline, and Caucasus Following the news, which lead to wide monitoring and control of the internet failure to guarantee cyber security and “Relatively, all internet communication, Online, fi led a joint application to the public criticism for the potential cyber network within the country. He added privacy of citizens might endanger the including that through Facebook, Google Georgian National Communications risks from Russia, Caucasus Online said that it will be the fi rst time in history that country’s national security interests as and mobile networks will be able to be Commission (GNCC) on November 15, in a statement that the sale of the Black a country has sold its internet network well as harm the confi dentiality of pri- effectively monitored by Russia’s special 2015, according to which Beeline should Sea cable and land infrastructure is not to a country occupying its territory. vate and classifi ed data, which will ena- services.” become the provider of cable television, a subject of negotiations but confi rmed Although Magticom was believed to be ble the hostile country (Russia) to utilize A leader of Free Democrats and ex- the internet and the telephone network that talks were underway with several one of the main players in the deal, Lee the information for its own purposes. Defense Minister of Georgia, Irakli Ala- by Caucasus Online. major telecommunications companies clarifi ed that since November 2015, his The petition adds that, considering sania, early February also warned of the The GNCC began administrative pro- on the purchase of the Caucasus Online company has had no interest in the agree- Russian’s most formidable cyber-assault sale of the strategic fi ber-optic cable ceedings on the issue on January 5. The retail segment. ment, having pulled out of all negotiations capabilities, an integral part of its ‘hybrid which could result in a potential higher Commission is expected to reveal its While meeting with VimpelCom lead- due to the non-commercial price set. warfare’ strategy, the threat is particu- risk of cyber-attacks. fi nal decision on March 10. GEORGIA TODAY 6 BUSINESS MARCH 8 - 10, 2016 Beekeeping Program to Ministry of Agriculture Seeks Benefi ciaries Give 7000 Beehives to Interested in Sericulture Cooperatives

BY ANA AKHALAIA

he State Program for Sup- porting Beekeeping Agri- Hybrid mulberry imported from cultural Cooperatives has Uzbekistan does not produce fruit and given more than 1200 arti- is used to feed mulberry silkworms fi cial beehives to agricul- turalT cooperatives in Lentekhi, Tsageri hybrid mulberry imported from Uzbeki- BY ANA AKHALAIA and Oni municipalities of Georgia’s stan does not produce fruit and is used western region of Racha-Lechkhumi and to feed mulberry silkworms. Cultivating Kvemo Svaneti. these saplings is possible with intensive The Minister of Agriculture, Otar Dane- he Ministry of Agriculture planting, as well as with single roots. lia, stated that the region has a great held a working meeting The Ministries of Agriculture, Economy potential to develop beekeeping and the Minister of Agriculture, Otar Danelia. 28 beekeeping agricultural cooperatives of under the Sericulture devel- and Sustainable Development and Envi- state program will signifi cantly contrib- Racha-Lechkhumi region have already been granted 1901 beehives opment Project to plan the ronment and Natural Resources Protec- ute to the growth of product quality and 29 to March 16. Cooperatives can regis- right to test one sample of its honey in distribution of imported tion are involved in the Sericulture volume, as well as honey production ter on the website of the Agricultural the laboratory of the Ministry of Agri- hybridT mulberry seedlings free of charge Development Project. traceability which is one of the neces- Cooperative Development Agency. culture without charge. Participant coop- among small entrepreneurs. The meeting was attended by Jimsher sary preconditions for Georgian honey “The Program participant cooperatives eratives will be provided with technical The Deputy Minister of Agriculture, Chkhaidze, representatives of the Min- realization in the European market. will be given beehives made of their assistance within the frames of support- Iuri Nozadze, stated that the Ministry of istry of Environment and Natural Within the Program, about 100 agri- preferred material, wood or polystyrene, ing the implementation of the essential Agriculture is ready to fi nd benefi ciaries Resources and advisors of the Minister cultural cooperatives throughout the at 30% of the price. Cooperatives, upon technical regulations for honey. interested in the development of seri- of Agriculture. country will be given more than 7000 request, can additionally take 1 piece of The Ministry of Agriculture started culture and will provide them with all According to the Prime Minister, Giorgi artifi cial beehives. 28 beekeeping agri- 12-frame honey extractor and / or 2200- the supporting program for beekeeping the necessary information and advice Kvirikashvili, a year ago, the Ministry of cultural cooperatives of Racha-Lechkhumi litre storage tanks for honey,” said Giorgi at the end of 2015. The program aims to for growing and maintaining the plants. Economy created the Industrial Devel- region have already been granted 1901 Misheladze. improve technical and material bases of Within the Sericulture Development opment Group which works on develop- beehives. Participant cooperatives in the state beekeeping industries of agricultural Project, the founder of Georgian alcohol ment strategies for various industries, According to the Chairman of Agricul- Program which have refugees and / or cooperatives, to increase quality and producing company Askaneli Brothers, including the concept of sericulture tural Cooperative Development Agency, persons with disabilities as 50% of their quantity of produced honey and other Jimsher Chkhaidze, donated 100,000 revival. Sericulture is based on the model Giorgi Misheladze, the second phase for partners will be given the required inven- beekeeping products, as well as to imple- mulberry seedlings imported from of small farming, the revival of which cooperatives to register in the Program tory with co-fi nancing, at 20% of the ment capital investment for agricultural Uzbekistan to the Georgian government. will contribute to the development of for Supporting Beekeeping Agricultural price. cooperatives and increase the qualifi ca- According to the Head of the Agricul- small production and the increase of Cooperatives is ongoing from February Participant cooperatives also have the tions of their shareholders. tural Research Centre, Levan Ujmajuridze, employment in the country. New Domestic Flight to Launch Connecting On a fl ight with Service Air. Kutaisi and Natakhtari Source: www.georgia2016.eu

($14) for children. Tickets will be made BY TAMAR SVANIDZE available via Tbilisi-based tour operator Vanilla Sky Privately owned company, Service Air, new domestic fl ight will be will operate the fl ights using Czech-built launched beginning March planes capable of carrying 15 passengers. 10 connecting Georgia’s Georgia’s Economy Ministry announced western administrative that Service Air would also be respon- capital Kutaisi with sible for carrying out fl ights between ANatakhtari, about 30 kilometers north Kutaisi and Mestia, the administrative of Tbilisi. center of the mountainous Svaneti region, Flights will be carried out every Tues- on Mondays and Fridays. day and Thursday between Natakhtari Service Air currently offers fl ights and Kutaisi. between Natakhtari and Mestia four days Ticket prices for the fl ight have been a week, on Mondays, Wednesdays, Fri- set at 50 Gel ($20) for adults and 35 Gel days and Sundays.

Tel: (995 32) 2 45 08 08 10 Galaktion Street E-mail: [email protected] GEORGIA TODAY MARCH 8 - 10, 2016 BUSINESS 7 One in three businesses worldwide Factory-made Tklapi (33%) has no women in leadership positions Appears on Georgian Senior Business Roles Held by Women in Georgia Down to 29% Market

BY ANA AKHALAIA

actory production of the Geor- gian national dessert Tklapi has been launched in Georgia. n International Women’s no women in senior management. The factory-made packaged Day, a new report based Nelson Petrosyan, managing partner Tklapi, produced by Fruit Fac- on the annual Grant of Grant Thornton, said: “Companies Ftory, appeared on the market several Thornton survey of 5,520 across developed nations have talked weeks ago. businesses in 36 econo- the talk on diversity in leadership for Tklapi is a traditional Georgian roll-up miesO reveals a slight uptick of women long enough. It’s time to put their prom- pastille made with dried puree of differ- in senior management positions from ises into practice and deliver results. We ent varieties of fruit, the most popular 22% to 24%, but a third of businesses know that businesses with diverse work- of which is sour plum (Tkemali), plums to dry their product and have still do not have women in leadership forces can outperform their more homog- and fi gs. Tklapi can be sour or sweet. It introduced new machinery to that positions. In Georgia, the number of enous peers and are better positioned is spread thinly onto a sheet and sun- end. Fruit Factory aims to offer senior leadership roles held by women to adapt to a rapidly changing global dried on a clothesline where it thickens. customers products made in san- moved from 38% to 29%, while 26% of business environment.” According to the founder, Timote itary conditions, since the businesses still have no women in lead- The Grant Thornton International Gvazava, at this stage they are produc- Tklapi found on the market ership roles. Business Report (IBR) provides insight ing four kinds of Tklapi: apple, sour plum, today is handmade in The G7 is among the worst performing into the views and expectations of more feijoa and apple + sour plum. The prod- unknown conditions and is regions, with just 22% of senior roles occu- than 10,000 businesses per year across uct is completely natural, without any sold without packaging. pied by women and 39% of companies 36 economies. It is a survey of both listed additives. Sometimes the company Further, it aims to increase with no women in senior roles. Two of and privately held businesses. The data receives prepared apple puree and then productivity, receive an ISO the poorest performing individual coun- for this release are drawn from inter- dries it. (International Organization for tries are Japan, with just 7% senior roles views with 5,520 chief executive offi cers, “There is no factory-made Tklapi in Standardization) certifi cate and held by women, and Germany, with 15%. managing directors, chairmen or other Georgia. There is one producer but they have simplifi ed relations with Meanwhile Eastern Europe and ASEAN senior executives from all industry sec- also sell sun-dried products. Winter- European countries. It also plans report the highest proportions of women tors conducted between July and Decem- produced products did not previously to start producing Tklapis from other requests from the Baltic States, Russia in leadership at 35% and 34% respectively, ber 2015. exist on the Georgian market, which was fruits and make other fruit products, and Poland and is now working on the and just 16% and 21% of fi rms with no This unique survey draws upon 22 exactly our goal: to produce Tklapis not though this requires special machinery proposed conditions. women in senior management respec- years of trend data for most European only in summer but in winter too,” said which the company doesn’t yet have. Fruit Factory was established in 2015 tively. Russia tops the list of individual participants and 11 years for many non- Gvazava in an interview with Georgian Fruit Factory’s Tklapis will soon appear and started production a month ago. The countries with 45% of senior roles held European economies. For more informa- media outlet Commersant. on the shelves of supermarket chain company has invested GEL 150,000 and by women, followed by the Philippines tion, please visit: www.international- The company uses an enclosed drier Fresco. The company has also received currently employs 12 people. at 39%, where only 9% businesses have businessreport.com GEORGIA TODAY 8 BUSINESS MARCH 8 - 10, 2016 Dentistry Today: All about the Doctor- Patient Relationship

Moreover, the Doctor says that devel- one’s knowledge and skills, as well as to BY EKA KARSAULIDZE oping the dental business in the right purchase new technology regularly. direction could be benefi cial to the coun- If, in the areas of professionalism and try as a whole. The Cedex Center has a improvement skills, Georgia has advanced igi Makharadze is one of large number of foreign patients; for- enough, there is another important aspect, the best doctors of dental eigners who are currently working in on which Dr. Makharadze is currently surgery in Georgia. Edu- Georgia, foreign guests who heard about actively working. cated abroad, he returned the good service and affordable prices “The oral cavity is an intimate area Dr. Gigi Makharadze of the to his homeland and, along from their fellow-residents, as well as which is located some 10-15 cm from the Cedex (Center of Dental Experts) Clinic. Apart from withG actively practicing his art, has been immigrants to Georgia. brain. Naturally, when someone invades offering qualifi ed personnel engaged in teaching and has opened his According to Dr. Makharadze, the it with his/her fi ngers or with tools, the and the latest technology, has own clinic. The Cedex (Center of Den- prices of dental services have increased brain begins to panic. Therefore, it is something more important – tal Experts) Clinic, apart from offering dramatically in most European coun- essential to establish good contact with the trust of its customers qualifi ed personnel and the latest tech- tries, leading to Dent-tourism becoming a patient beforehand. I have a strong nology, has something more important very popular worldwide. “I’m not one focus on consultation and there are times without assistance. With this in mind, regular check-ups. If something goes – the trust of its customers. GEORGIA to speak about other clinics, but com- when I’ve actually refused to treat a no one should delay a visit to the dentist wrong, or your teeth are in danger, they TODAY met with Doctor Makharadze pared with the world’s dental centers, patient. If you cannot establish contact, and, ideally, everyone should get their will let you know, and if they need help, and discussed the main problems in this we at Cedex have very affordable prices, if the patient does not trust me, then, teeth cleaned professionally twice a year. for your own peace of mind, it is of course fi eld, the dental business and the culture hence our fl ow of foreign patients,” he unfortunately, the treatment will not “It often happens that some diseases best to go to a dentist you can trust. of aesthetic beauty. said. “I can already say that I will barely work,” the Doctor said. occur with no symptoms and pain, so Today, teeth function as a person’s “It’s a mistake to believe that dentistry manage to have a holiday this summer, Moreover, for very fearful patients the patient may think that everything is business card, not only their health, but is poorly developed in our country. At because of the number of patients I’m there should be no worry to visit the fi ne, leaving the problem undetected also as a part of aesthetic beauty. They the very least our young professionals expecting- summer of one of our busi- dentist nowadays. Cedex Clinic uses until the dentist notices something amiss require consistent monitoring and care. prove it. I often attend conferences all est times.” sedation, which is safe and commonly during an inspection. While cleaning, Therefore, in contrast to other areas of around the world and I’m pleased to Dentistry is one of the most complex used in medicine. It is not a narcosis, but the doctor works on each tooth indi- medicine, it is important to have the notice many young people from Georgia and dynamic areas. The knowledge that the patient is half-asleep, feels no pain, vidually, so he/she would be able to spot number of your own personal, trusted, there. They are deeply enthusiastic and could be received from tutorials 10-20 and wakes up fully just when everything a problem in good time,” he added. dentist in your contact list. This practice interested in their profession, something years ago has been left far behind. Dr. is fi nished. Dr. Makharadze advises patients to is widely accepted in the West, is the we obviously lacked 20 years ago,” said Makharadze noted that as a dentist, it is Dentistry is also one of the most com- always listen to their bodies. There are culture of behavior, one which Dr. Dr. Makharadze. “I believe that Georgia highly important to keep abreast of the plex areas of medicine. If something is no universal rules, but it is always impor- Makharadze would like to encourage in has quite a bright future in this regard.” latest developments in the fi eld; to update wrong in your mouth, it will never pass tant to take care of oral hygiene and have Georgia. GEORGIA TODAY MARCH 8 - 10, 2016 BUSINESS 9

Qvevri-made whisky is unique in that it is a very aromatic pure alcohol that comes from the natural maximum fi ltration

Georgian Distiller Patents Method for Qvevri-made Whisky

Qvevri-made whisky is unique in that it is a very BY ANA AKHALAIA aromatic pure alcohol that comes from the natu- ral maximum fi ltration. Kvernadze believes his method of making whisky eorgian distiller Aleko Kvernadze will be of interest around the world as it is entirely has patented a method for making unique compared to other types of hard alcohol. whisky using Georgian earthenware He explained that the clay from which Qvevri vessels known as Qvevri. are made purifi es alcohol in ways other technol- “We’ve been developing this idea ogies cannot. forG two years. No one has come up with anything “Vodka is essentially a pure spirit that can be like this,” Kvernadze said. “We originally tried this used to make whisky. Using our Qvevri, we’ve more as an experiment to see what clay does as restored Georgia’s ancient mountain traditions. a catalyst when making high quality alcoholic Grapes don’t grow in the high mountains, so our products.” ancestors used to make vodka from grain. If they Used for fermentation, storage and ageing, Qvevri had aged Zhipitauri, a type of low alcoholic vodka, are an 8,000 year-old wine making tool that, they would have made whisky. But they didn’t according to UNESCO, is entirely unique to Geor- know what to do with that type of technology gia. back then,” said Kvernadze. GEORGIA TODAY 10 BUSINESS MARCH 8 - 10, 2016 Georgia to Receive More Azeri Gas Supplies,

ITMCO’s expert in Mulls Gazprom Deal international relations, Arash Moazenzade BY TAMAR SVANIDZE Iranian Company eorgian Energy Minister Kakha Kaladze and the President of Azerbaijani Seeking to Export State Oil Company SOCAR, Rovnag Abdullayev, have signedG an agreement regarding additional gas supplies to Georgia. Tractors to Georgia Following the signing, Minister Kaladze said current negotiations with Russia’s ITMCO has produced tractors since BY ANA AKHALAIA state-run energy giant Gazprom remain 1968. The company annually produces on-going, though no agreement had been 25,000 tractors, 70% of which remains signed as additional volumes of natural in Iran, 30% is exported to Sudan, gas are not currently needed. ranian Tractor Manufacturing Nigeria, Venezuela, Afghanistan and “We recently sent our last proposal to Company (ITMCO) has expressed Iraq. them (Gazprom), offering to continue interested in exporting tractors ITMCO has produced the new ‘ITMS receiving gas under the old contract. to Georgia. 5000’ type tractors since 2015 which is Namely, we want to receive 10 per cent “We want to start exporting to produced only in 5 countries. It has 150 as raw natural gas,” Minister Kaladze. IGeorgia but it is very important Georgia horsepower with a price ranging from According to the agreement signed takes the fi rst step if they want to buy USD 50,000 to 60,000 in Iran, while it between Kaladze and Abdullayev, Geor- our tractors. We have an export depart- costs USD 100,000 on the global market. gia will receive an additional 500 million ment where we can arrange a meeting The company also makes ‘ITMCO 399’ cubic meters of gas from Azerbaijan. with Georgian representatives,” ITMCO’s which has 110 horsepower distributed to “We’ve managed to increase the supplies expert in international relations, Arash the front and rear wheels and consisting to 1.5 billion cubic meters, as well as to 1.5 Georgian Energy Minister Kakha Kaladze and the President of Azerbaijani State Oil Moazenzade, told Georgian journalists of 210 different parts. It costs USD 20,000 billion cubic meters via a pipeline con- Company SOCAR, Rovnag Abdullayev, signed an agreement regarding additional gas in a tractor factory in Tabriz, Iran. but the world market price is much supplies to Georgia necting the two countries through Azer- So far, he says, there has been very lit- higher. baijan’s Gazakh district,” Abdullayev said. SOCAR cancels the need to continue pipeline exceeds 2.5 billion cubic meters. tle communication in this regard with The company employs 5000 people on “Compared to 2012, natural gas con- negotiations with Iran over natural gas Some 750 to 800 million cubic meters Georgia, which imports tractors mainly an average salary of USD 700-800. The sumption in Georgia increased 40 per imports. of annual gas supplies are being sent to from Russia and Belarus at present. Tabriz Tractor Factory has 2500 employ- cent, which called for additional volumes Azerbaijan exports gas to Georgia via Georgia from Azerbaijan’s Shah Deniz However, he says Iranian tractors are ees, 200 of which are women who work of gas,” Minister Kaladze said. a pipeline linking the two countries. The fi eld, 1.4 bcm by SOCAR, and 200 mcm able to compete in terms of quality, as in administration and prepare tractor He added that the new agreement with annual gas pumping capacity of this from Russia. well as price. structures. GEORGIA TODAY MARCH 8 - 10, 2016 BUSINESS 11 Dechert OnPoint: Improving Regulations, Amendments to the Law on Entrepreneurs

echert Georgia, through in the profi t tax statement. the contribution of part- ners Archil Giorgadze and Capital Increase Nicola Mariani, joined by The Amendments support and regulate senior associates Ruslan the established practice of increasing a AkhalaiaD and Irakli Sokolovski, as well partner’s share in a limited liability com- as Ana Kostava and Ana Kochiashvili, is pany through contribution to its capital. partnering with Georgia Today on a This, like realization of other similarly regular section of the paper which will signifi cant partners’ rights, requires a provide updated information regarding decision of the general assembly. In par- signifi cant legal changes and develop- ticular, in case of a capital increase in a ments in Georgia. In particular, we will limited liability company, the partners highlight signifi cant issues which may shall be entitled to participate in the impact businesses operating in Georgia. capital increase in proportion to their Dechert’s Tbilisi offi ce combines local shares by paying the full amount of the service and full corporate, tax and fi nance respective contributions into the com- support with the global knowledge that pany’s capital within the timeframe comes with being part of a worldwide defi ned by the general assembly. Excep- legal practice. tions can occur in cases when the part- Dechert Georgia is the Tbilisi branch ners agree on some other rule for exer- of Dechert LLP, a global specialist law cising such right. Additionally, if any of fi rm that focuses on core transactional the partners do not exercise such right and litigation practices, providing world- fully or partially, following the capital class services to major corporations, increase a new distribution of shares fi nancial institutions and private funds may be effected. worldwide. With more than 900 Lawyers in our global practice groups working Voting Rights defi ned by the Law of Georgia on the pendent member of the supervisory more rights and legislative guarantees. in 27 offi ces across Europe, the CIS, Asia, The Amendments provide that the Securities Market and with its securities board upon enactment of the Amend- These, along with other amendments the Middle East and the United States, decision of a company’s general assem- listed on a Stock Exchange, must have ments shall be subject to the requirement recently made to Georgian legislation, Dechert has the resources to deliver bly on changing the voting rights of on its supervisory board at least one in question within 2 years from enact- make Georgia stand out in the region as seamless, high quality legal services to holders of a certain class of shares, either member who is an independent person ment of the Amendments and upon the a country taking signifi cant steps toward clients worldwide. For more informa- by cancelling and/or reducing and/or not equipped with representative pow- fi rst instance of its changing of the mem- improving and advancing corporate gov- tion, please visit www.dechert.com or granting such rights, shall enter into ers (i.e., is not a director of the same bership of the supervisory board. ernance, and thus improving its business contact Nicola Mariani at nicola.mari- force only with the consent of more than company). For the purposes of this clause, environment. [email protected]. 75% of the holders of the class of shares a person is deemed independent if s/he CONCLUSION whose voting rights are to be affected does not hold shares of the company and On a fi nal note, one can observe that * * * by the decision. does not receive any salary or other eco- the Amendments serve to improve Geor- Note: this article does not constitute INTRODUCTION nomic benefi t from the company except gia’s entrepreneurial and investment legal advice. You are responsible for As a step toward further improvement Share Purchase for compensation received for member- environment on the one hand, while on consulting with your own professional of Georgia’s business environment, the For the purpose of ensuring maximum ship on the supervisory board. Those the other protecting the interests of legal advisors concerning specifi c cir- Parliament of Georgia recently passed protection of the interests of sharehold- enterprises which do not have an inde- minority shareholders by granting them cumstances for your business. amendments (the “Amendments”) to the ers, the Amendments provide that if new Law of Georgia on Entrepreneurs (the shares are issued by a company, respec- “Law”). The Amendments enhance exist- tive shareholders shall have preferential ing protections of the rights of minority rights to purchase them in proportion shareholders, increase transparency of to their current shareholding. However, corporate management and control of this right may be cancelled by decision enterprises and, subsequently, facilitate of the shareholders’ general assembly. access to fi nancial resources on the part According to the Amendments, if an of enterprises. enterprise accountable under the Law This week’s edition of Dechert OnPoint of Georgia on the Securities Market and examines the key aspects of the Amend- with its securities listed on a Stock ments and provides an overview of the Exchange holds at least 50% of the shares Law’s amended clauses with regard to of another enterprise, such other enter- dividend distribution, capital increases, prise shall not have the right to purchase changes to voting rights, the right to shares in the above mentioned account- purchase shares in an enterprise and able enterprise. This restriction shall requirements regarding the supervisory not apply to securities brokers defi ned boards of enterprises. by the Law of Georgia on the Securities Market. OVERVIEW Dividends Supervisory Board According to the Amendments, interim Pursuant to the Amendments, an indi- and annual dividends in a limited liabil- vidual cannot simultaneously be a mem- ity company or joint stock company may ber of the supervisory board and direc- be distributed according to the decision tor of the same company. The Amendments of the company’s general assembly. The require those enterprises which are in Amendments require that the timeframe confl ict with this requirement to make for distribution of profi ts after making necessary changes in their management the respective decision be defi ned in the bodies no later than 2 years from the company’s charter, however, such time- date of entry into force of the Amend- frame is limited to a maximum of 9 ments. months. The purpose of this Amendment A new clause introduced by the Amend- is to ensure that dividends are paid within ments provides that a joint stock com- the same calculation period as covered pany, as an accountable enterprise as

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