The wife of US-sanctioned Georgian billionaire Bidzina Ivanishvili, who is a founder and honorary chair of the ruling Georgian Dream party, Ekaterina Khvedelidze, has established a new joint-stock company in Georgia. The company, named JSC Lusol, was first reported by Georgian broadcaster TV Pirveli.
Public Registry records show Khvedelidze owns 100 percent of Lusol, with an initial capital of 100,000 GEL. The company is directed by 37-year-old Gela Koberidze, who registered the business but declined to comment on its purpose or operations, promising further clarification at a later time.
Lusol’s governance structure includes a Supervisory Board composed of Nugzar Dekanoidze, Vepkhvia Dvali, and Shota Kobiashvili.
Dekanoidze, notably, also directs the Ivanishvili-affiliated Football Club Sachkhere Chikhura and the media company Channel Nine.
The company’s official address is 39d Ilia Chavchavadze Avenue, Tbilisi, a building owned by the Cartu Group, which also houses Cartu Bank. Nato Khaindrava, the Chairwoman of the Supervisory Board of Cartu Bank and a trusted Ivanishvili associate, represents Khvedelidze in Lusol.
Khaindrava was also involved in the recent establishment of ATU Holding, a joint-stock company founded by Ivanishvili’s son.
Ivanishvili, the former Prime Minister of Georgia, was sanctioned by the United States on 27 December 2024. The US Treasury Department’s Office of Foreign Assets Control (OFAC) accused Ivanishvili of undermining democracy and enabling human rights abuses in Georgia.
“The actions of Ivanishvili and the Georgian Dream have undermined democratic institutions, facilitated human rights abuses, and impeded the protection of fundamental freedoms in Georgia,” US Secretary of State Antony Blinken said.
Under the sanctions, Ivanishvili’s US-based assets were frozen, and individuals or entities seeking access to the US financial system must comply with restrictions on dealings with him.
The sanctions have spurred calls for similar actions in the United Kingdom. On 13 January, UK MP James McCleary introduced a motion in the House of Commons, urging sanctions against Ivanishvili.
Transparency International Georgia (TI) warns that sanctions on Ivanishvili could impact dozens of companies tied to him, many of which are registered in British offshore jurisdictions like the British Virgin Islands and Cayman Islands.
TI’s report highlights key assets potentially affected, including Cartu Bank, Gallery Tbilisi, Axis Towers, the Georgian Tourism Development Fund, and various luxury hotels. It also notes Ivanishvili’s partnership in Heidelberg Cement and the Poti Free Industrial Zone.
