What fortune  did Ivanishvili leave to Cartu?

What fortune did Ivanishvili leave to Cartu?

access_time2021-01-14 12:39:30


Bidzina Ivanishvili has decided to leave politics for the second time,  this time forever. Two weeks before leaving the post of chairman of the ruling party, the Georgian Dream founder and the richest man in Georgia transferred about $ 1.5 billion in assets to the Cartu Foundation he established several years ago.

Among the assets are Cartu Bank, Panorama Tbilisi, Paragraph Hotel, completed and under construction facilities in Batumi, Tsikhisdziri, Chakvi, Shekvetili, Anaklia, Bakuriani and Abastumani as well as the construction company Elita Burji and the business center in Sololaki.

Assets are not openly traded on the stock exchange that makes it difficult to  to determine their real value and is based on conditional assumptions. Ivanishvili said in an interview with Entrepreneur that  some assets cost him twice as much as the market value and mentions  "Paragraph" in the resort of Shekvetili, which cost $ 127 million to build, while the hotel price  is only $ 50-60 million.

Panorama-Tbilisi is one of the most large-scale, expensive and long-lasting projects, which was first announced in 2014 when Gigi Ugulava hold the post of  mayor. During this period, the investment value, completion date and the project details have changed several times. Initially 4 points were selected for the complex- the former Tsekavshiri building on Freedom Square, Karvasla on Erekle II Square, the Sololaki ridge and Mount Tabori. The investment cost of the project  was $ 600 million, which was equivalent to ₾1 billion at that time. It was announced  that the project would be completed in 3 years. The buildings had to be connected to each other by ropeways. construction is currently underway.

The construction of the Marriott Luxury Collection at the site of the Tsekavshiri building had to be completed in  2018, later  in 2020. Due to the pandemic, the deadline was extended for another year. The hotel will have 220 rooms of 6 categories, Class A office spaces, spa, fitness center and swimming pool. The investment value of the project  is $ 101 million.

Autograph Collection is being built on the Sololaki ridge. The one- and two-story buildings will be connected to each other with a sloping elevator, while the hotel will be connected to the second part of the complex in Pushkin Square with a cableway and 34 gondolas. The estimated date of completion of this part of the complex is 2023.

Up to 95% of the 402,000 square meters on the Tabori ridge will be planted, a 176-room hotel, an artificial lake and a golf course will be built which will also connect the two parts of the complex to the Sololaki ridge and Pushkin square. The investment cost of the project is $ 90 million. The project is planned to be completed  in 2022. The investment cost is $ 36 million.


The complex will be  fully put into operation by 2023. The total investment cost of the project is $ 360 million.

One of the most expensive projects is Pragraph  hotel in the resort of Shekvetili. According to the Co-Investment Fund site, the hotel opened in 2017 cost $ 120 million. Apart from distinctive architecture, the hotel has a 115-meter swimming pool, jutting out into the Black Sea and filled with saltwater. The complex also includes a winter garden, tennis courts, conference halls and children’s entertainment areas. In 2018, Marriot international ranked Paragraph first among 300 hotels in Europe.

 Luxury Collection 120-room hotel and health complex on the Green Cape is under construction, it will include a spa, pool, fitness center, restaurant, lounge bar, tennis, football and basketball courts, kids' recreation area and conference halls. The investment cost of the project is $ 70 million.

Among the properties on the Black Sea coast transferred to the Fund are Business Development Ltd in Tsikhisdziri, Seaside Chakvi Ltd and the Black Sea Rivera Ltd in Ganmukhuri.

"Cartu Bank" was completely re-registered  in the name of the fund. As of 2019, the Bank's assets amounted to GEL 1,337 billion, issued GEL 879 million in loans, and depositors' funds amounted to GEL 778 million. In the same year, the bank's revenue reached 108 million GEL, of which profit was 22 million GEL. It is true that the bank is a joint stock company under Georgian law, but unlike TBC and Bank of Georgia, its shares are not traded openly, making it difficult to determine the exact market capitalization.

Launched in Georgia in 1996 Rossiyki Credit Cartu received a banking license in 1997, and in 1998 began operating under the name Cartu Bank. In 2019 the bank's assets amounted to GEL 1,337 billion, the bank issued GEL 879 million in loans, and depositors' funds amounted to GEL 778 million. In the same year, the bank's revenue reached GEL 108 million, of which profit was GEL 22 million. the bank is a joint stock company under Georgian law, but unlike TBC and Bank of Georgia, its shares are not traded openly, making it difficult to determine the exact market capitalization.

The ex-premier also transferred his own house and business center in Sololaki to the foundation. The business center was designed by Japanese architect Shin Takamatsu and cost $ 40 million or $ 50 million, according to various sources. The list of properties transferred to the fund also includes Bakuriani ropes ,  the insurance company "Cartu" and "Laguna Vere".

Businessman and  philanthropist Bidzina Ivanishvili unexpectedly broke  into Georgian politics in October 2011.

In the October 1, 2012 parliamentary elections, the Georgian Dream coalition received 55% of the vote, and for the first time since October 28, 1990, the government in Georgia was changed through elections.

According to Forbes, Ivanishvili's net wealth is estimated at $ 4.8 billion and ranks the businessman 572nd.  While Bloomberg reports that the ex-premier has  assets worth  $ 5.67 billion and is ranked 467th.


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