Former prime minister of Georgia donated $1.5 billion to charity

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Former prime minister of Georgia donated $1.5 billion to charity

The head of the ruling party announced his complete withdrawal from politics and transferring most of his fortune to a charitable foundation.
The chairman of Georgia’s ruling Georgian Dream Party billionaire Bidzina Ivanishvili has announced his decision to leave politics. He also announced that he had transferred part of his assets to the charitable foundation Kartu, which he himself had set up.

“I think my mission is accomplished. I have decided to finally step away from politics and leave the reins of power completely. I’m leaving both the position of the party chairman and the party itself,” Ivanishvili said in a statement released.

In an interview with the Georgian edition of Entrepreneur, Sakartvelo Ivanishvili said that the fund was handed over assets worth $1.5 billion, including tourist sites, commercial real estate, offices, land in Tbilisi, and regions of Georgia.

“My wife and I have $200 million at our disposal which was in addition to the $1.5 billion in free assets. I also leave as much money to my children, so they do not lose motivation to create something new, to be fully aware and develop themselves,” Ivanishvili said.

Commenting on the reaction of his children, Ivanishvili said they fully share his approach and approved of the decision.

Founded in 1995, Ivanishvili’s Kartu Charitable Foundation has during those years carried out projects in various spheres worth over $3 billion.

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Ivanishvili got rich in Russia in the 1990s. At various times he has been involved in the metallurgical business, as well as real estate and financial sector operations. He is the richest man in Georgia. Earlier Forbes estimated Ivanishvili’s fortune at about $5.5 billion.

As you know, the Georgian Dream came to power in 2012. In 2013, a candidate supported by the party, George Margvelashvili, was elected president of Georgia. Ivanishvili served as prime minister of the country in 2012-2013.

Recall that in 2013, Ivanishvili stated that he intended to step down from power a few days after incumbent President Mikheil Saakashvili left office and new elections were held. He published a large open letter to the Georgian society, in which he confirmed his intention to resign as head of government and leave politics altogether after the presidential elections.