Sanctions Creating Path for PRC Ownership of Key Georgian Businesses
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Executive Summary:
Western sanctions are reshaping ownership of some strategic assets in Georgia through pressuring Georgian Dream-aligned businessman Irakli Rukhadze, the fourth-richest entrepreneur in Georgia, to divest from some of his key businesses.
On April 16, Liberty Bank, Georgia’s third-largest bank, which Rukhadze owned roughly a third of, was sold to BasisBank, owned by the People’s Republic of China (PRC)-based Hualing Group. In February, Rukhadze sold Tbilisi’s main state-a
Western sanctions are reshaping ownership of some strategic assets in Georgia through pressuring Georgian Dream-aligned businessman Irakli Rukhadze, the fourth-richest entrepreneur in Georgia, to divest from some of his key businesses.
On April 16, Liberty Bank, Georgia’s third-largest bank, which Rukhadze owned roughly a third of, was sold to BasisBank, owned by the People’s Republic of China (PRC)-based Hualing Group. In February, Rukhadze sold Tbilisi’s main state-a
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