Georgia’s wanted ex-Defence Minister transfers TV channel shares to co-founders

David Kezerashvili, Georgia’s wanted former Defence Minister under the United National Movement Government, is no longer the owner of the domestic, opposition-leaning TV company Formula.

The company on Tuesday confirmed that Kezerashvili, who is wanted for embezzlement of state funds while in office between 2006-2008, had transferred his shares to co-founders.

An updated extract from the Business Register has revealed the new ownership structure. Mikheil Mshvildadze now holds the largest stake, with 38% of the shares. Irakli Saginadze and Giorgi Liponava each own 2.5%, while Zurab Gumbaridze holds 32.2%. Additionally, Freedom Formula retained a 25% share.

The shift in ownership is significant, as Mshvildadze has also acquired 10% of the shares previously held by Liponava and Saginadze. The restructuring marks a notable change since Kezerashvili, who previously held the controlling stake in the company, ceased to be involved as of August 2023.

Prior to the change, the distribution of shares was as follows:
Mikheil Mshvildadze: 12.25%
Irakli Saginadze: 12.25%
Zurab Gumbaridze: 12.25%
Giorgi Liponava: 12.25%
Davit Kezerashvili: 26%
AAIP Freedom Formula: 25%