{"id":196510,"date":"2025-03-09T21:52:07","date_gmt":"2025-03-09T17:52:07","guid":{"rendered":"https:\/\/forbes.ge\/?p=196510"},"modified":"2025-03-09T21:52:27","modified_gmt":"2025-03-09T17:52:27","slug":"house-of-cards-in-georgia-mamatsashvili-s-estate-expands","status":"publish","type":"post","link":"https:\/\/dev.forbes.ge\/en\/house-of-cards-in-georgia-mamatsashvili-s-estate-expands\/","title":{"rendered":"House of Cards in Georgia: Mamatsashvili\u2019s Estate Expands"},"content":{"rendered":"
Ucha Mamatsashvili recently acquired a construction permit for a luxurious residence in Tskneti in an unusually short timeframe. Located on a prestigious 9,000-square-meter plot in Kaklebi, this land was partially purchased by his brother, Archil Mamatsashvili, from the Tbilisi Municipality at a price well below market value. It was later transferred to Ucha Mamatsashvili free of charge.<\/span><\/h5>\n
An investigation by <\/span>Forbes Georgia <\/span><\/i>reveals the inner workings of a system that favors Georgia’s informal ruler, Bidzina Ivanishvili, and his family while the country grapples with political turmoil and its European future remains uncertain.<\/span><\/h5>\n

Bidzina Ivanishvili, whose $4.9 billion fortune accounts for approximately 15% of Georgia<\/span>\u2019<\/span>s GDP, frequently entrusts his relatives with managing his companies and promoting his interests in various areas.\u00a0 For years, he has trusted family members to assist with state affairs, underlining his deep confidence in them. One of his most dependable confidants is Ucha Mamatsashvili, who served as the Deputy Director of the state investment fund known as the Partnership Fund. Mamatsashvili was also a shareholder in the management company of the Georgian Co-Investment Fund, a private fund established by Bidzina Ivanishvili.<\/span><\/p>\n

According to a report<\/a> by Transparency International Georgia dated April 27, 2022, Aleksandre Ivanishvili, Bidzina Ivanishvili’s brother, along with his wife and Ucha Mamatsashvili, was involved in a joint business venture through the company Geo Organics with several high-profile Russian figures who are currently under U.S. sanctions.<\/span><\/p>\n

These individuals included Georgy Poltavchenko, a former governor of St. Petersburg and a close ally of Vladimir Putin, and Roland Kherianov, a former senior official from Volgograd. Kherianov<\/span>\u2019<\/span>s wife, Anna Kuvichko, is a former member of the State Duma and a well-known propagandist.<\/span><\/p>\n

Due to these connections, Ukraine imposed sanctions on four Georgian citizens in 2022: Ucha Mamatsashvili, Tate Mamatsashvili, Aleksandre Ivanishvili, and Ketevan Kharaidze.\u00a0<\/span><\/p>\n

The sanctions document, published on the Ukrainian President’s official website<\/a>, outlines severe restrictions, including asset freezes, a complete ban on trade operations and resource transit, the suspension of economic and financial obligations, the revocation or suspension of licenses, and numerous other punitive measures.<\/span><\/p>\n

Ucha Mamatsashvili was just the beginning. On December 27, 2024, the U.S. Department of the Treasury imposed financial sanctions<\/a> on Bidzina Ivanishvili due to his involvement in <\/span>\u201c<\/span>undermining democratic processes in Georgia for the benefit of the Russian Federation.\u201d Additionally, a proposal to impose sanctions on Bidzina Ivanishvili has been submitted to the UK House of Commons<\/a> and currently has 25 signatories.<\/span><\/p>\n

Widespread protests in Georgia contributed to the imposition of Western sanctions. Demonstrations erupted following parliamentary elections that were marred by significant irregularities. Citizens have taken to the streets daily, demanding new parliamentary elections and the release of political prisoners. The most intense wave of protests, which continues to this day, was ignited by a statement from Prime Minister Irakli Kobakhidze announcing that Georgia would temporarily suspend its EU accession process. The government’s response to the protests has been exceptionally brutal: over 500 people have been arrested, and around 50 individuals, including members of the media, are facing criminal charges.<\/span><\/p>\n

Bidzina Ivanishvili anticipated the upcoming sanctions and prepared accordingly. On April 19, 2024, the Georgian Parliament passed a bill on its third reading that provides tax benefits for transferring assets from offshore-registered companies to Georgian entities. Soon after, Ivanishvili and his family began moving their offshore assets back to Georgia. As of January 29, 2025, they had registered eight new joint-stock companies in Georgia and transferred 12 companies from offshore jurisdictions. According to Transparency International Georgia, the total capital of the transferred companies amounts to <\/span>\u20be<\/span>163.2 million.<\/span><\/p>\n

Western sanctions have not impeded the growth of Ivanishvili<\/span>\u2019<\/span>s family wealth. A notable recent example is Ucha Mamatsashvili<\/span>\u2019<\/span>s new luxury residence in Kaklebi, a prestigious forested district known for its panoramic views and tranquil atmosphere, which attracts the wealthiest segment of Georgian society. The Mamatsashvili family owns a total of 8,655 m<\/a><\/span>2 <\/span>in Kaklebi, registered under the name of Ucha Mamatsashvili<\/span>\u2019<\/span>s wife, Lela Mamatsashvili. The site for their new home consolidates ten separate land plots. <\/span>Forbes Georgia<\/span><\/i>\u2019s investigation has revealed that the Mamatsashvili family acquired this property through a combination of purchases, donations, and privatization processes conducted under questionable circumstances.<\/span><\/p>\n

In 2018, Tbilisi City Hall auctioned two land plots measuring 542 m<\/span>2 <\/span>and 437 m<\/span>2<\/span>, totaling 1,014 square meters. The first auction<\/a> was announced on May 22, 2018, and the second<\/a> on June 1, 2018.\u00a0<\/span><\/p>\n

Only one participant expressed interest in both auctions and automatically won the bids. Archil Mamatsashvili, the brother of Ucha Mamatsashvili, was the winner and new owner of both plots.\u00a0<\/span><\/p>\n