Eight companies owned by the Co-Investment Fund were registered in August 2026 in the name of Ekaterine Khvedelidze, the wife of Georgian Dream founder Bidzina Ivanishvili.
According to documents obtained by Radio Free Europe/Radio Liberty’s Georgian Service, the Luxembourg-registered company of the Co-Investment Fund, GCF Luxembourg, which owned the eight companies, is “in the process of liquidation.” In turn, GCF Luxembourg is owned by GCF MP, a company registered in the Cayman Islands under UK jurisdiction, whose beneficial owner was Khvedelidze.
Information regarding the transfer of the companies to Georgia was initially made public by former MP and head of the Civic Engagement Center, Irakli Abesadze. According to him, “Ivanishvili’s flight from offshores is practically nearing completion.”
According to data from the Registry of Entrepreneurs, the following companies were transferred to Georgia and registered in the name of Ekaterine Khvedelidze:
- LLC Mtkvari Holding
- LLC Axis Towers
- LLC Galleria Holding (owner of the Galleria Tbilisi shopping center)
- LLC Greenhouse Holding (owner of Georgian Greenhouse Corporation and Georgian Agro House)
- LLC Agro Holding
- LLC Resort Holding
- LLC MV Holding
“The ultimate parent company of these entities was Cayman Islands-registered GCF LP. The Cayman Islands are under UK jurisdiction, and it is clear what Ivanishvili is afraid of.
Furthermore, in the course of these transactions, the Ivanishvili family in all likelihood took advantage of amendments to the Tax Code that were passed virtually exclusively for them, under which the transfer of assets from offshore zones to Georgia is exempt from taxation,” writes Irakli Abesadze.
