Ivanishvili-Linked Companies Shift Ownership From Luxembourg to His Wife
By Messenger Staff
Thursday, August 27, 2026
At least eight companies linked to Georgian billionaire Bidzina Ivanishvili's Co-Investment Fund have been transferred from a Luxembourg-registered company to his wife, Ekaterine Khvedelidze, according to public registry records.
The changes were registered in late August. The companies were previously owned by GCF Luxembourg, which is linked to the Georgian Co-Investment Fund, established by Ivanishvili in 2013.
Irakli Abesadze, a former United National Movement lawmaker and head of the Center for Civic Participation, called the move "Ivanishvili's flight from offshore." He suggested it could reduce the risk of potential British sanctions because the fund's ultimate parent, GCF LP, is registered in the Cayman Islands, a British Overseas Territory.
RFE/RL's Georgian Service reported that Khvedelidze was already the ultimate beneficial owner of GCF LP. The transfers therefore appear to change the companies' direct ownership rather than their ultimate beneficiary.
The move follows legislation adopted in Georgia two years ago to facilitate the transfer of assets from offshore jurisdictions. Similar transfers involving Ivanishvili-linked assets have previously been reported.
The companies transferred to Khvedelidze include Mtkvari Holding, which owns Mtkvari HPP; Axis Towers, owner of the Axis Towers complex in Tbilisi; Galleria Holding, owner of Galleria Tbilisi; GreenHouse Holding; Agro Holding, which owns Planta; Resort Holding; Emvi Holding; and Lentekhi Holding.
