Basel Group Sued Over Tbilisi Property Investment

Law360, New York (December 16, 2011, 2:30 PM EST) -- A would-be investor filed a breach of contract suit against real estate company The Basel Group LLC in New York state court Thursday, claiming he bought an interest in a Tbilisi, Georgia, property but never received profits or proof of ownership.

Abraham Sandberg alleges that he purchased a 3 percent stake in the property on the grounds of the former presidential palace in Georgia for $300,000 from Basel, but that the firm never provided him with any financial statements or proof of ownership.

Basel employee Ron...
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