The influential chairman of the Georgian Dream Party Bidzina Ivanishvili and his family members have been transferring their business assets from offshore entities to companies registered in Georgia, according to Transparency International. This follows the financial sanctions imposed on Ivanishvili by the U.S. Treasury Department on the 27th December of last year due to Ivanishvili's alleged efforts to undermine democratic processes in Georgia in favor of the Russia. A few days later, on December 31, 2024, Ivanishvili began transferring his companies from offshore zones to Georgia, Transparency International reported on Wednesday.
The organisation dedicated to fight the injustice of corruption referred to media reports between December 31, 2024, and January 20, 2025, indicating that Bidzina Ivanishvili, his wife Ekaterine Khvedelidze, and his son Uta Ivanishvili registered 4 new joint-stock companies: JSC Atu Holding, JSC Terra, JSC Lusol and JSC GCF Georgia. Transparency International said: “They have begun transferring ownership of Georgian companies they previously controlled through offshore entities to these newly established companies. This transfer process has intensified in recent days. It is likely that by the end of this process, the Ivanishvili family will have fully transferred their Georgian assets from offshore structures.”
The report indicated that as of 29th January, Bidzina Ivanishvili and his eldest son, Uta Ivanishvili, have fully transferred companies from four offshore entities: 1) Visalia Enterprises Limited (Belize), 2) Gilmar Holding Limited (Belize), 3) Fresno Management Limited (Belize), 4) Limestone Finance International SA (Panama). It added that the Ivanishvili family is likely taking advantage of tax benefits introduced in the spring of 2024 under the so-called "offshore law" while transferring ownership of their companies. At the time, Transparency International Georgia noted that the amendments to the Tax Code were likely designed to serve Bidzina Ivanishvili’s interests.
Notably, the re-registrations involve family-owned companies with substantial charter capital. In total, these companies hold 163,187,800 GEL in registered capital. On 20th January, a statement released by Bidzina Ivanishvili's lawyer, Lasha Kalandadze, revealed that the U.S. sanctions imposed on Ivanishvili personally have also affected his family members. Swiss bank Julius Baer froze the family's accounts, prompting Ivanishvili to consider legal action.
Transparency International stressed that it will continue to monitor Bidzina Ivanishvili’s companies and how he seeks to protect his assets from sanctions.
