Eight Ivanishvili-Linked Companies Moved From Luxembourg Entity to His Wife's Name

Eight companies previously held through the Georgian Co-Investment Fund's Luxembourg entity, GCF Luxembourg — including Galleria Holding (owner of Galleria Tbilisi mall), Axis Towers Holding, Mtkvari Holding, GreenHouse Holding, Agro Holding, Resort Holding, Lentekhi Holding and MV Holding — were registered directly in the name of Ekaterine Khvedelidze, wife of Georgian Dream founder Bidzina Ivanishvili, under a sale agreement signed August 24 as GCF Luxembourg entered liquidation. Khvedelidze was already the ultimate beneficial owner via GCF Luxembourg and its Cayman Islands parent, GCF LP. Analysts, including Center for Civic Participation head Irakli Abesadze, called it 'Ivanishvili's flight from offshore,' with Transparency International Georgia noting the move could shield the roughly 95 Ivanishvili-linked companies registered in British-jurisdiction territories from a possible future UK sanctions package.