Transparency International: Up to $ 5.2 billion in foreign investment flowed from countries with offshore territories in 2011-2020 - 10 offshore companies related to Ivanishvili were identified

According to the Transparency International Georgia report "Offshore Companies in Georgia: Business Interests and Corruption Risks", up to $ 5.2 billion in foreign direct investment flowed into Georgia from offshore countries in 2011-2020, accounting for 38% of total foreign investment during this period.

According to the report, the study identified 10 offshore companies related to Bidzina Ivanishvili. As the report notes, these 10 companies in turn own 26 Georgian companies.

"In 2012-2020, 6 offshore companies were given state property through direct privatization, including three, at a symbolic price of one GEL. 15 offshore companies received state property through auction. The privatization value of this property is about 77 million GEL", - reads the report.

As the organization notes in its report, anonymous ownership of companies registered offshore is a contributing factor to "elite corruption" in the country.

"At the Anti-Corruption Summit in London in May 2016, Georgia made an announcement about the creation of a register of real owners of companies registered offshore, but to date, the Georgian government has not taken any steps in this direction", - reads the report.