A Trump Tower project in Tbilisi is planned on land currently registered to International Charity Fund Cartu. The fund is solely owned by Cartu Group JSC, which is 35% owned by Uta Ivanishvili, the eldest son of Bidzina Ivanishvili. Bidzina Ivanishvili is widely seen as the de facto leader of Georgia’s government and was placed under US sanctions in 2024 for undermining Georgia’s democratic and Euro-Atlantic future. Uta Ivanishvili is not under sanctions and previously owned 100% of Cartu Group JSC before reducing his stake to 35% in 2024. The remaining ownership is not identifiable because holdings under 5% can be anonymous. US sanctions restrict business with Bidzina Ivanishvili, with an exemption for businesses controlled by him.
"A Trump Tower planned for the Georgian capital, Tbilisi, is to be built on land currently part-owned by the son of the US-sanctioned leader of the country, according to official records. The proposed skyscraper, a joint venture between a local consortium and the Trump Organization, which is managed by the US president's sons, Donald Trump Jr and Eric Trump, will be on a plot whose current registered owner is the International Charity Fund Cartu."
"According to official records, the Fund Cartu is solely owned by Cartu Group JSC which, in turn, is 35% owned by Uta Ivanishvili, the eldest son of Bidzina Ivanishvili, the billionaire politician who is honorary chair of Georgia's ruling party. Bidzina Ivanishvili, who is widely recognised as the de facto leader of the Georgian government, was put under US sanctions by the Biden administration in 2024 for undermining the democratic and Euro-Atlantic future of Georgia for the benefit of the Russian Federation."
"Uta Ivanishvili, who is not under sanctions, owned 100% of Cartu Group JSC until 2024 but reduced his shareholding to 35% when his father, who is Georgia's richest man, was subjected to US economic restrictions. It is not possible to identify the remaining 65% ownership of Cartu Group JSC today, as individual shareholdings of under 5% can be held anonymously."
"Under the sanctions regime, US citizens are prohibited from conducting business, processing payments, or providing services to Bidzina Ivanishvili personally without authorisation but there is an exemption relating to businesses controlled by him. The links between the Trump Organization and the Ivanishvili family will raise fresh concerns about the potential conflict of interest raised by the selling of the US president's name to developers seeking to sell residential and resort complexes."
Read at www.theguardian.com
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