Ivanishvili Family Transfers Assets to Georgian Companies
The Ivanishvili family has registered 8 new joint-stock companies in Georgia. This comes after the US imposed financial sanctions on Bidzina Ivanishvili, the family’s head, last December.
These new companies were created by transferring assets from offshore companies to their Georgian counterparts. As a result, 4 offshore companies have been “cleaned” of assets.
The total authorized capital of these transferred companies is 163 billion GEL (about $50 billion USD). The speed at which the family is transferring its assets has increased in recent days.
It is likely that all offshore assets will be transferred to Georgian companies by the end of this process. Transparency International – Georgia suspects that the Ivanishvili family might be using tax advantages established by a law passed in 2024, known as the “Offshore Law,” to benefit from these transfers.
Read More @ www.interpressnews.ge