International Insurance Company Kamara has a new owner
“Metro Holding” and “New Investment Opportunities Ltd” have purchased the Insurance Company “Kamara”. The State Insurance Supervision Service of Georgia has already approved this deal.
“We are pleased that we have received the agreement and we, together with our partners, will be able to contribute to the development of the insurance sector in Georgia. We believe that the key to success is to do an open, responsible and transparent business with experienced managers. It is a great success for the development of the company that by our invitation Mr. Dimitri Kumsishvili will be the Chairman of the Supervisory Board. It is noteworthy that we initiated to provide Mr. Dimitri's company with financial resources (loan), to become our partner. Mr. Dimitri agreed, and New Investment Opportunities Ltd has become our strategic partner. We are confident the company will be successful and we will be able to contribute to the development of the country and the region, "said Galip Öztürk, founder of “Metro Holding” company.
It is noteworthy that “Metro Avrasya Georgia” and “New Investment Opportunities Ltd” underwent a number of important procedures before receiving consent from LEPL State Insurance Supervision Service of Georgia over the acquisition of the shares of “JSC International Insurance Company Kamara”.
Relevant documentation/information provided by the legislation was studied, including information on the financial condition of the significant shareholders and the origin of the money within the deal.
In addition, shareholders and the candidates for the position of the Supervisory Board members Dimitri Kumsishvili, Shalva Akhrakhadze and Özgür Güven met shareholder and Supervisory Board member suitability requirements, envisaged by the law. The criteria include the following: A person is prohibited from being a shareholder of a significant share of the insurer if the court recognizes this person as the support receiver (unless the court decides otherwise); If the person is convicted of serious or particularly grave crime and/or legalization of illicit income; If he/she is convicted of economic offenses and his/her criminal record is not canceled; If there is a court ruling that prohibits him/her from doing insurance business; If in the past he was the owner of the significant share or the administrator of an insurance company and this company went bankrupt during that period.
About “Metro Holding”: The number of employees in the joint-stock company and its affiliates varied from 1,000 to 2,000 at various times. In addition to business activities, Galip Öztürk is actively involved in philanthropy. He donated GEL 3 million to the Solidarity Fund, established by the government. By his initiative, several large families were gifted with dwelling flats in Batumi. Galip Öztürk continues his work in Georgia, which includes both business and charity events aiming to assist the Georgian people.
Former Vice Prime Minister Dimitri Kumsishvili has confirmed the achievement of the deal.
“I confirm that “JSC Metro Avrasya Investment Georgia” and “New Investment Opportunities Ltd” have obtained consent in full compliance with the legislation from the Insurance Supervision Agency over the purchase of 100% of the company Kamara’s shares. I would like to take this opportunity to thank Mr. Galip Öztürk, who invited me to this company, assisted me to become the partner and nominated me as a member of the Supervisory Board. As for the company, it is a very small company with its operations, the insurance market is very competitive, and so a lot of energy is necessary for gaining the market share. In addition, I am working with various partners in the private sector to develop a startup and e-commerce ecosystem, to attract investments and the best international companies in the country," Kumsishvili said.
