The Georgian company Silk Road Group will build an elite multi-apartment building-tower on the Black Sea coast in Batumi instead of the Trump Tower, the press service of the company reports.
The Trump Organization, which is a partner of US President-elect Donald Trump, and the Silk Road Group have officially confirmed their rejection of the construction of the Trump Tower multi-storey building in Batumi.
Earlier, Bloomberg reported on January 5 that Trump Tower would not be built in Batumi, citing a joint statement by The Trump Organization and the Silk Road Group. Both companies made the decision to "formally finalize" the project.
As Bloomberg wrote, the rollback of Trump Tower was "the latest effort by the US-elect to remove accusations that his business could cause conflicts of interest after taking office in the White House." His political opponents argued that Trump's business interests could harm American foreign policy, in particular in the countries of the former USSR.
The agreement on the construction of Trump Tower in Batumi was signed in 2012, when Mikheil Saakashvili was President of Georgia. In 2013, when he stepped down from his post, the construction project was frozen.