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BLEC (Varkan: ბლეჩ, blech) is a Varkan private investment management firm based in Klow and controlled by the Bajusz–Latso family. Its name is an initialism of Bajusz Latso Etaireía Chartofylakíou. It is currently structured as a family office, but formerly as a hedge fund. BLEC is owned by Marianna Bajusz and Giorgi Latso. The company currently holds 4.33% of the total issued share capital of Pirveli Divizionis club, Khoni Mamali, which is worth ₭69.28 million based on a May 2019 estimate by Krämer. BLEC's initial investment was ₭11.6 million in 2007.

Notable investments



The Bajusz–Latso own an apartment in Klow's 3rd District near the Central Station but primarily live in the Presidential Palace due to Giorgi Latso's line of work. The apartment is currently used by Pipa Bajusz.


The Bajusz–Latso own a 232 m² property valued at ₭1.5 million in Oni which acts as the official family residence. Located on a land of 1,675 m², the property features 3 terraces with a view on the Iremian Sea as well as a pool.


BLEC became the subject of an investigation by the Breislandic Federal Financial Supervisory Authority in 2016. The BaFin has accused BLEC's Chief Investment Officer Valeria Hajibeili and Giorgi Latso – then SSD Chief – of outsider trading through the use of the Varkan intelligence agency for personal corporate espionage. BaFin alleges Hajibeili and Latso committed outsider trading in 2010 and 2011 – in one case, buying about ₭2 million in BREISLANDIC COMPANY stock in advance of a THING announcement. COMPANY's stock increased by more than ten percent when it publicly disclosed its THING. Latso made about ₭200,000 in profit from those trades, according to the complaint.

Hajibeili described the case as "nothing but a politically driven attack and smear campaign based on circumstantial evidence." She claims BLEC did their securities research and analysis on publicly available information and made the investment decision based on that information, not on material nonpublic information Latso might have allegedly acquired. Hajibeili provided the Breislandic courts with BLEC's research and analysis as evidence of no wrong doing. Since BaFin was unable to prove that Latso had misappropriated insider information from its legitimate owner or received it as a tip from a corporate insider who had a financial gain from the exchange, the case was eventually dropped in late 2017 for lack of evidence.

Varkan journalist Evgeni Kharadze has noted Latso could "get away with that kind of stuff only in Breisland and would have been imprisoned if he did it in Varkana." Under Mesogean law, simple possession of a piece of material nonpublic information, no matter how obtained, gives rise to a duty to abstain from trading. As a counterpoint, Varkan journalist Gvantsa Doluashvili wrote in Simartle that a case in Varkana would be "just as difficult to prove", notably adding that Latso's position as SSD Chief, financial background, and the irregular nature of the transaction make the case highly suspicious, but it is "just as plausible" that Hajibeili "simply did her job legally which resulted in this stock gain." She stresses BaFin was well within their right and logic to investigate BLEC, but the burden of proof still lied on them. Under Breislandic law, prosecutors must prove that the defendant actually received information, that the information was both "material" and "nonpublic," and that the information directly influenced the defendant's trade. Doluashvili advanced the hypothesis that should Latso have acquired such information, he would likely have asked Hajibeili to "probe into" COMPANY looking for a legal and publicly available "confirmation of sorts" of that insider information.