The fate of Babillion Tower in Batumi is still unclear.
Project of 30 million USD is suspendered due to the dispute between the founders of the project. One of the stakeholders, Bayram Ali Bairamoghlu, 50%-shareholder of LLC Tam Geo asked the government of Adjara to delay liabilities for 2 years and written off fines, which amounts to 1 806 702 GEL by July 20. Ministry of Economy of Adjara declares, that the issue has been submitted for discussion to Georgian MP, at the economic council.
Amendments have been made four times to the purchase agreement, signed in February 3, 2012. According to the final amendments, the so-called “Residence” of Tam Geo had to go under the exploitation no later than 2016, while 4-star hotel should be put under the exploitation by June 30. Babillion Tower is being build in Batumi, Rustaveli str. 30. However, investment not less than 30 million USD should be made in the project.