What do Georgian Government members own?

8 Jan 2014

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By Tamar Khurtsia

Agenda.ge,8 Jan 2014 Tbilisi,Georgia

Who are the richest and the poorest senior public officials in Georgia? To improve the transparency around officials wealth, senior public servants are obliged by Georgian law to file an asset declaration that is annually made public on the Civil Service Bureaus website. The state-owned body implements policies on the management of the civil service.

The asset declarations have always been topics of discussion in the media as well as society.

Georgias former Prime Minister Bidzina Ivanishvili lost billions of dollars last year, however he is still the countrys wealthiest man and owns property all over the world, his 2013 property declaration reveals.

Ex-PM Ivanishvili the richest govt official

Ivanishvili is ranked number 229 on the Forbes rich list with a net worth of around $5.3 billion USD, as of March 2013.

His fortune has shrunk significantly over the past 12 months. According to Forbes, Ivanishvilis fortune dropped from $6.4 billion USD to $5.3 billion USD.

The declaration revealed a significant part of Ivanishvilis property was registered under the names of family members.

The former prime minister owns land across Georgia, including Borjomi, a resort town in south-central Georgia; Natanebi, a village in Ozurgeti; Chorvila,Ivanishvilis birthplace in western Georgia; Mtskheta, one of the countrys oldest cities and Tskhneti, a wealthy Tbilisis suburb. The report revealed he also owned a property in Moscow, the Russian capital.

Ivanishvili with Zelda the zebra on his estate. Photo by Justyna Mielnikiewicz

Ivanishvilis real estate properties were mainly registered in the name of his wife Ekaterina Khvedelidze and 19-year-old son Bera Ivanishvili.The land in Russia, in the Odintsovski district, and flats in Tbilisi and Moscow were also registered in his wifes name.

According to Georgian law, it is obligatory to mention all property registered with family members who permanently live in Georgia. The eldest son of the ex-prime minister, Uta Ivanishvili, lives in France and he is not mentioned in the declaration.

Ivanishvili also owned numerous shares in various companies and bank bonds, including Rolls Royce Hld. Shs, Progress Bank Georgia, AXA Framlington, Volkswagen, Goldman Sachs, Neuberger Berman Investment, Apple, Google, Mckesson, Schroder International, Raptor Pharmaceutical, Barclays and many more.

In total, the value of his investments was worth more than $25 million USD, where the prices for each ranged from $1.27 USD to $10,550.51 USD.

Ivanishvili had more than six million shares with Rolls Royce (the price of the stocks was not indicated), and just under four million shares in Progress Bank Georgia, with each share valued at one GEL ($1.7 USD).

As for bank accounts, Ivanishvili, his wife and son Bera Ivanishvili only had current accounts. The credit volume on their accounts in banks of Cartu, Raiffeisen, BlackRock Institutional Cash, Coutts, Roscredit Bank and American Eqspress Centurion, did not exceed several million GEL, USD, EUR, RUB, GBP, CHF, HUF, JPY, PLN and TRY.

According to the property declaration, the income of the ex-prime minister totaled $56,120.00 USD and 710,022 GEL last year.

The declaration read that in 2013 Ivanishvili and his family didnt make any profit from his entrepreneurial business.

According to the report, the Ivanishvili family had many expenses. This included 74,000 GEL ($42,000 USD) and $36,000 EUR spent on service.

More than 900,000 GEL ($520,000 USD) was spent on communal services, transport and judical service.

The ex-prime minister also paid 2.9 million GEL ($1.6 million USD) tax obligations and 48.4 million GEL ($29 million USD) on fines.

Last year Ivanishvili donated more than half a million USD to charity.

Ex PM Ivanishvili and PM Garibashvili together with wives at the concert of Georgian folk music and dance ensemble Erisioni. From left Ivanishvili's wife Ekaterina Khvedelidze; Garibashvili's wife Nunu Tamazashvili; Photo by PM's press office.

What does PM Garibashvili own?

Unlike ex-PM Ivanishvili, the asset declaration of current Prime Minister Irakli Garibashvili looks very modest.

The number of real estate properties owned by the PM has not changed in comparison to 2012. He has three apartments in Tbilisi and two non-residential properties. He owns a Mercedes Benz model NNA-100 issued in 2009 and has 10,000 GEL in cash.

As for his paid work throughout the year, Garibashvili received 15,476.19 GEL as Board Chairman of Charity Fund Cartu. His income as a director of LTD Georgian Dream was 131,250 GEL and as a Minister of Internal Affairs he earned 7879.35 GEL.

The second richest minister

The Vice Premier and Ministry of Energy of Georgia, Kakha Kaladze, has not declared the total value of his assets, but according to the the multiple properties in his name, it can be said he is the second richest man among the minister cabinet.


Kakha Kaladze, the most expensive Georgian footballer in history when Milan paid 16 million EUR to bring him to Italy from Ukrainian side Dynamo Kyiv.

Kaladze, a retired footballer; for years captain of the national team, and the winner of two Champions League titles with AC Milan owns apartments in Tbilisi, Tskneti and Samtredia, his birthplace town of Kaladze in western Georgia, and Kiev, the capital city of Ukraine.

Kaladze owns nine vehicles, including several luxury cars. Among them are a Rolls-Royce Phantom, Ferrari GTO, Bentley Continental and Harley Davidson Sprinter motorcycle. The cars are valued at thousands of US dollars.

The Vice prime minister also gave details of his investments in arts, in particular paintings by famous Georgian artists Elene Akhvleiani and Lado Gudiashvili.

Kaladze also received income from the enterprises activity, including 335,000 EUR from Ukraine-based company ??? and 150,000 EUR from Nest Group .


Kakha Kaladze gives interview to the journalists at the launching ceremony of Kala Kapital, April, 2008.

Kaladze is the founder of Progress Bank, a Georgian bank. The majority of the bank (78%) is owned by Kala Kapital, an investment company established by Kaladze in 2008. The remaining 22% is owned by Bidzina Ivanishvili, who joined the bank in late 2012.

As for paid work, Kaladze received 2.7 million EUR from Genoa, an Italian football club as a football player. As a member of the Supervisory Board of the Progress Bank he received 189,000 GEL and as the Minister of Energy he earned 7 884.05 GEL.

Other ministers net worth

According to details of declared assets, the Ministry of Economy and Sustainable Development of Georgia Giorgi Kvirikashvili owns a residential building in Tbilisi and Qvesheti, a village in Dusheti Municipality, in the Mtskheta-Mtianeti region. Kvirikashvili holds cash valued at 9 300 GEL.
The Minister of Health and Social Affairs Davit Sergeenko Sergeenko, a pediatric doctor, was head of a hospital, funded by Ivanishvili in the ex-PMs native region of Sachkhere from 2006 to2012. He also owns an apartment in Tbilisi and two land plots in Dusheti.
The Ministry of Corrections and Legal Assistance Sozar Subari took a mortgage loan from bank worth 140,000 USD last year.
The Minister of Agriculture Shalva Pipia only owns one residential building in Tbilisi and a Mitsubishi Galant car issued in 2004. Pipia has 12,251 GEL in his payroll bank account
The Minister of Foreign Affairs Maia Panjikidze owns a residential building and plot of land in Mtskheta, one of the oldest city in Georgia.
The Ministry of Defense Irakli Alasania also gave details about gifts he had obtained, particularly a hunting gun worth 5 000 USD.
As for the Minister of Justice, Tea Tsulukiani owns an apartment and land in Tbilisi, as well as a flat in Strasburg, France.
The Ministry of Culture and Monument Protection Guram Odisharia and his family own a flat in Tbilisi and country-cottages in Ozurgeti, in western Georgia and Dusheti.
The declaration revealed Ministry of Internal Affairs Aleksandre Chikaidze owns an apartment in Tbilisi.
As for the Minister of Internally Displaced Persons from the Occupied Territories, Accommodation and Refugees of Georgia, Davit Darakhvelidze received 19 485 GEL from the realization of grapes in 2012.
In 2012 State Minister of Georgia on European and Euro-Atlantic Integration Aleksi Petriashvili paid 14,000 EUR and 3 000 GEL in tuition fees.
State Minister of Georgia for Reconciliation and Civic Equality Paata Zakareishvili earned 14,153 GEL as the Minister in 2012.
Minister of Regional Development and Infrastructure of Georgia Davit Narmania owns an apartment and piece of land in Zugdidi, a city in the western part of the country. Besides his Ministerial salary, he also receives incomes from other employment.
A Ford Focus vehicle produced in 2001 is the property owned by the Minister of Sport and Youth Affairs of Georgia, Levan Kipiani.
The countrys Minister of Finance Nodar Khaduri has 20,000 USD in cash.
State Minister of Georgia for Diaspora Issues Konstantin Surguladze has bank accounts in Georgia and abroad. It was revealed he has 68,000 GEL in savings.
The main property owned by Georgian Minister of Education and Science Tamar Sanikidze is an apartment in the seaside city of Batumi.
Minister of Environment and Natural Resources Protection of Georgia, Khatuna Gogaladze owns an apartment in Tbilisi and a country-cottage in Surami, a small town in Shida Kartli region.
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