Ivanishvili Reassigns Paragraph, Panorama, Elita Burji and Other Assets to Cartu Foundation

Bidzina Ivanishvili has reassigned a considerable part of his Georgia-based businesses and real estates to International Charity Foundation Cartu. Due to changes to the Public Registry were registered at the end of December 2020.

The major change was registered on December 31, when Tourism Development Fund that owns Panorama Tbilisi facilities and Paragraph Shekvetili were transmitted to Cartu Foundation. Before the changes, the 100% stakes in these companies were owned by Panama-incorporated FRANKSTON INTERNATIONAL S.A.

According to the 2018 financial report, the company’s authorized capital was GEL 580 million. The Tourism Development Fund comprises Tabori Resorts, Sololaki Hills, Ganmukhuri hotel, real estate in Chakvi and Abastumani. The owner was changed by the head office of Cartu Group located at Chavchavadze Avenue N39a. The head office of Cartu Bank is located in the same building.

On December 31, 2020, owners were replaced at Ivanishvili-owned development and engineering companies – Elita Burji and Burji. Both of them were reassigned to Cartu Foundation. Elita Burji, in itself, owns several affiliated companies that hold real estate in Tbilisi, Chorvila, Batumi, and Bakuriani. Changes have not taken place in the projects owned by Co-Investment Fund.

Consequently, AXIS Towers, Gallery Tbilisi, and owners of hydropower plants remain unchanged. International Charity Foundation Cartu was founded by Cartu Group.

The latter is owned by Ivanishvili-owned offshore companies, namely:

• Krista Investments – 48.324%;

• Sargans limited – 45.353%;

• Tarpan – 1.092%;

• Agroservice LLC – 4.243%;

• Interinvest LLC – 0.988 %.