Offshore companies in Georgia: Business interests and corruption risks
Tbilisi. According to information released by Transparency International Georgia, there are about 3,200 entities that are registered in Georgia and have links with offshore companies.
“Within the framework of the survey we managed to identify 10 offshore companies that are related to Bidzina Ivanishvili.
In 2012-2020 years, 6 offshore companies received state property via direct privatization mode, in three of which cases the price of the property was symbolic - one Georgian lari. While 15 offshore companies received GEL 77 million worth of property through an auction.
Officials can secretly participate in state projects, procurement and privatization via offshore companies, which is a contributing factor to “elite corruption”.
We recommend to make sure Georgia complies with recommendations of the Anti-Corruption Network of the Organization for Economic Co-operation and Development (OECD) and demands disclosure of actual owners of offshore companies at least in the cases when these companies or their subsidiaries participate in privatization of state property, state procurement or any other state-funded program”, - is stated on the website of the organization.
Source: transparency.ge
