**Bidzina Ivanishvili Transfers Business Assets to Georgia**
The founder of the Georgian Dream party, Bidzina Ivanishvili, and his family members have started transferring their business assets from offshore companies to ones registered in Georgia. This move comes after Ivanishvili was designated as a harmful foreign actor by the US on December 27.
According to Transparency International Georgia (TI-Georgia), companies from four offshore entities have been fully transferred to Georgia. These include Visalia Enterprises Limited, Gilmar Holding Limited, Fresno Management Limited, and Limestone Finance International SA. The transferred companies hold a combined registered capital of 163,187,800 GEL.
The TI-Georgia report suggests that Ivanishvili’s family is taking advantage of tax benefits introduced in the spring of 2024 under the “offshore law”. This law allows companies to move their assets from tax havens to Georgia and benefit from a range of tax advantages.
Notable transfers include LLC Finservice XXI, which owns part of Ivanishvili’s glass palace in Tbilisi, being moved to JSC ATU Holding through Uta Ivanishvili. Additionally, Ekaterine Khvedelidze reorganized four Georgian LLCs into joint-stock companies with substantial capital investments.
The watchdog also reported that two additional companies were registered under Khvedelidze’s ownership, while Uta Ivanishvili acquired LLC Georgian Holding free of charge. Transparency International Georgia continues to monitor Bidzina Ivanishvili’s companies and how he seeks to protect his assets from sanctions.
**Sanctions and Controversy**
The transfer of business assets comes amid significant international developments concerning Ivanishvili. The US Department of Treasury imposed sanctions on him, stating that his actions have enabled human rights abuses and undermined the democratic future of the Georgian people for the benefit of the Russian Federation.
UK Parliament member James MacCleary introduced an Early Day Motion calling for sanctions on Ivanishvili in response to his alleged responsibility for Georgia’s democratic backsliding. The motion has garnered 13 signatures thus far.
