The blurring of the line between big business and political power has become a characteristic, systemic feature of the modern Georgian state. The intersection of the interests of business and the political elite in strategic sectors directly affects the degree of independence of democratic institutions.

A clear illustration of this reality is our research prepared regarding the strategic wealth of Poti, where businessman Khvicha Makatsaria emerged as one of the figures. According to "Forbes Georgia," Makatsaria ranks 9th among the 100 richest people in the country (1,132,070,000 GEL), and his holding "CBS Group" controls the gas and electricity supply, as well as municipal transport sectors in Tbilisi, while simultaneously owning major assets in telecommunications, maritime logistics, and other areas.

Makatsaria's political positioning is also interesting, which became particularly evident in April 2024, when he, along with other major businessmen, signed a joint statement and openly supported the repressive law "On Transparency of Foreign Influence" initiated by "Georgian Dream".

This study identifies up to 45 companies that Khvicha Makatsaria owns or manages directly, through his wife Maria Kokhia, the holding "CBS Group," or other trusted individuals. The main goal of the research is the complex analysis of Khvicha Makatsaria's business network and the description of the mechanisms through which the group consolidates capital and influence.

1. Main Findings

• Monopolization of strategic sectors in the capital: Khvicha Makatsaria's holding "CBS Group" practically holds a monopoly in controlling all the main services vital for the population in Tbilisi: gas supply ("Tbilisi Energy"), electricity ("Telasi", "Telmiko"), and the city minibus network ("Tbilisi Minibus").
• Close connection with Russian capital: In the assets of the "CBS Group", a close connection with Russian state capital, sanctioned business groups, and citizens of the Russian Federation is sharply outlined.
  • In the capital's strategic energy sector - JSC "Telasi" and LLC "Telmiko", Khvicha Makatsaria's group directly partners with the Russian state giant "Inter RAO" (through Silk Road Holdings B.V.), where the key posts of general directors and chairmen of the supervisory board are exclusively held by Russian citizens (Sergey Kobtsev, Anatoly Markov, Dmitry Volkov, Anton Belyaev, and others);
  • The transfer of critical digital infrastructure into the hands of Makatsaria's group is also directly related to the process of sanctioning Russian capital: Makatsaria purchased the mobile operator "Cellfie Mobile" (formerly "Beeline") in 2022 from the international holding VEON, whose largest shareholder was the group of the sanctioned Russian oligarch, Mikhail Fridman (LetterOne);
  • Citizens of the Russian Federation or persons with dual citizenship of Georgia and Russia are also owners and managers of various companies in the holding. Among them are Khvicha Makatsaria's wife Maria Kokhia, Koba Ghurtskaia (CEO of the holding), Tengiz Alfenidze (100% shareholder of the city transport operator LLC "Tbil Car"), Yulia Dedova (shareholder of the energy company LLC "Hydro Invest"), and Ilona Metreveli (shareholder of LLC "Tbilisi Mall").
• Offshore zones and opaque ownership:
  • The owners of 9 companies included in Khvicha Makatsaria's business group appear to be entities registered in offshore zones (Marshall Islands, British Virgin Islands);
  • In the capital's gas supply ("Tbilisi Energy"), LLC "Waltbay" registered in the Marshall Islands, and Weco Investment and Finance S.A. and HARRIMAN Holdings registered in the British Virgin Islands are featured;
  • The equity participation of offshore companies is also visible in other sectors (for example, companies registered in the British Virgin Islands own shares in "Cellfie Mobile" and LLC "Tbilisi Mall");
  • The problem of opacity: it is practically impossible for the public to fully identify the real ultimate beneficial owners.
• Political financing, public procurement, and influence:
  • Persons connected to the "CBS Group" have made a total of 1,568,600 GEL in political donations, the main part of which (1,467,500 GEL) goes directly to "Georgian Dream" and the presidential candidate supported by this party;
  • Two companies connected to Khvicha Makatsaria (LLC "Georgian Service Network" and LLC "Spot Point") received almost 1.5 million GEL (1,485,733 GEL) from state procurements.
  • In April 2024, Makatsaria openly supported the law "On Transparency of Foreign Influence".
• Control over digital, exclusive, and maritime assets:
  • Khvicha Makatsaria's holding owns critical digital infrastructure in the form of the mobile operator "Cellfie Mobile" (formerly "Beeline");
  • The group exclusively operates in the lottery market based on a 10-year contract ("Georgian National Lottery" / lotto.ge);
  • It has strategic interests in the Black Sea coastal zone, which includes an exclusive fishing license ("Geofish Company") and the Supsa port project and surrounding lands.

2. Key Players

Khvicha Makatsaria's business activities are based on a network of trusted persons and influential figures, the main link of which is the "CBS Group". In its legal form, this company is a limited liability company, and it has existed since 2013. Its CEO is Koba Ghurtskaia, a dual citizen of Russia and Georgia, and the 100% shareholder is Maria Kokhia, Khvicha Makatsaria's wife. In his inner circle, who share key managerial and ownership positions, the following particularly stand out:

• Maria Kokhia – Khvicha Makatsaria's wife, who is the full owner and manager of a number of important companies of the holding;
• Koba Ghurtskaia – One of the main managing figures of Makatsaria's business group. At the same time, he is a major donor to "Georgian Dream" and the brother-in-law of Edisher Toloraia, a member of parliament from the same party;
• Nikoloz Chiaureli - Deputy General Director of CBS Group for Strategy and Business Development. At various times, he was the General Director of LLC "Caucasus Online", from 2018 he headed the capital's gas supply company - LLC "Tbilisi Energy" (formerly "KazTransGas-Tbilisi") and managed its rebranding, and currently he is the director of LLC "Pace" (51% of which is owned by Makatsaria's mobile operator "Cellfie Mobile") and simultaneously owns shares in technology and consulting companies (Billink, Moveo, Accelero);
• Tamar Gakharia – Chief Financial Manager, who holds the positions of Supervisory Board member and General Director in the leading companies of the group;
• Shalva Tsakadze – He is the director of several large companies connected with Makatsaria and Kokhia;
• Teimuraz Aronia – Khvicha Makatsaria's long-term business partner, who owns large shares in key assets of the holding, such as LLC "Capital Group" (100%) and LLC "Didube Mall";
• Natela (Natia) Mikiashvili - Head of Communications, she is a former journalist and is currently responsible for managing the internal and external communications of "CBS Group".

The close ties between the business and political elites clearly show the concentration of capital and influence that this group holds in the Georgian market.

3. Monopolization of Strategic Sectors

a) Capital services: Khvicha Makatsaria controls the activities of those services in Tbilisi that directly affect the daily life of every resident of the capital.

LLC "Tbilisi Energy" - Gas supply monopoly in Tbilisi

LLC "Tbilisi Energy" is a large gas distribution company in Georgia, which carries out this activity as a monopoly in the territory of Tbilisi. The gas distribution license was granted to this company by the Georgian National Energy and Water Supply Regulatory Commission (GNERC). The director of the company is Mamuka Kobakhidze, and its 100% share is owned by LLC "Waltbay", registered in the Marshall Islands.

The 2025 consolidated financial statement was published on the reporting portal in 2026, according to which the shares of "Waltbay" itself are distributed as follows:

• 25% – Owned by a citizen of Georgia, Khvicha Makatsaria;
• 25% – Belongs to LLC "Gaztransit", whose 100% shareholder and director is Mamuka Togonidze;
• The remaining 50% – Is owned by Weco Investment and Finance S.A., a company registered in the British Virgin Islands.

According to the same statement, the 100% shareholder of Weco Investment and Finance S.A. is LLC HARRIMAN Holdings, which is also registered in the British Virgin Islands, and the ultimate beneficial owner of this group is a citizen of Azerbaijan, Nasib Hasanov.

On December 30, 2024, LLC "Tbilisi Energy" purchased the 100% share of LLC "Varketilairi", whose registration was canceled in 2025.

"Telasi", "Telmiko" and Khvicha Makatsaria's monopolistic interests in Tbilisi's electricity supply sector

JSC "Telasi"

Khvicha Makatsaria's interests are monopolistically represented in the field of Tbilisi's electricity supply, where he operates through several companies. Makatsaria entered this sector in 2020: "Best Energy Group", a company co-owned by him, purchased a 24.5% stake in the share capital of Joint Stock Company "Telasi" for 32,380,383 GEL at an auction held in September 2020. Khvicha Makatsaria owns 50% of LLC "Best Energy Group", and the other 50% is owned by LLC "Gaztransit"; the current director of the company is Mikheil Kipiani.

According to the information published on the reporting portal in 2025, the general structure of the share capital of JSC "Telasi" looks like this:

The founder of "Silk Road Holdings B.V." is the Russian energy company "Inter RAO". Accordingly, citizens of the Russian Federation are represented in the management structure of JSC "Telasi": the General Director is Sergey Kobtsev, the members of the supervisory board are: Dmitry Volkov (Chairman), Aleksandr Abramkov, and Anna Koneva. From the citizens of Georgia, the board includes Besik Tsimakuridze and Koba Ghurtskaia, Deputy Chairman of the Board, a dual citizen of Russia and Georgia.

As of today, JSC "Telasi" is one of the largest network companies in Georgia, which carries out the distribution and sale of electricity in Tbilisi. "Telasi" supplies electricity to more than 460 thousand subscribers.

LLC "Tbilisi Electricity Supply Company" (Telmiko)

LLC "Tbilisi Electricity Supply Company", also known as "Telmiko", was founded in 2020 and its owners and management structure are similar to JSC "Telasi". 75.471% of the company's shares are owned by "Silk Road Holdings B.V." registered in the Netherlands, and 24.529% is owned by LLC "Energy Company". The director of "Telmiko" is a Russian citizen Anatoly Markov, the members of the supervisory board are citizens of the Russian Federation: Anton Belyaev (Chairman), Ruslan Galiamov, Evgeny Sarimsakov, and Andrey Mordvinov. From the citizens of Georgia, the board includes the Deputy Chairman, Tamar Gakharia, and a member, Shalva Tsakadze. As for LLC "Energy Company", it was founded in 2018, its director is Tamar Gakharia, and Khvicha Makatsaria and LLC "Gaztransit" own 50-50% shares.

LLC "Telmiko" is an electricity supply company across Tbilisi, and it replaced JSC "Telasi" in this activity from July 1, 2021. The main functional difference between these two companies is that "Telasi" is responsible for the technical soundness of the electrical network, while "Telmiko" provides commercial customer service.

LLC "Tbilisi Minibus"

LLC "Tbilisi Minibus" is a company founded in 2011 and manages four companies that won a competition announced by the Tbilisi City Hall (LLC "Tbil Line", LLC "Capital Group", LLC "Public Car", and LLC "Tbil Car"), which obtained the permission to transport passengers across the capital for a period of 20 years.

Khvicha Makatsaria is the Chairman of the Supervisory Board of LLC "Tbilisi Minibus", his deputy is Koba Ghurtskaia, brother-in-law of Edisher Toloraia, Member of Parliament from "Georgian Dream". The board includes Tamar Gakharia, Giorgi Arevadze, and Davit Asanidze, the latter being the 100% shareholder of the company. The general director of the company is Aleksandre Japaridze.

Of the persons related to "Tbilisi Minibus", party donations were made by Koba Ghurtskaia (donated 180,000 GEL to "Georgian Dream" in 2016-2018) and Aleksandre Japaridze (donated 10,000 GEL in favor of "United National Movement" in 2012).

As for the companies included in the "Tbilisi Minibus" holding (LLC "Tbil Line", LLC "Capital Group", LLC "Tbil Car", and LLC "Public Car"), Khvicha Makatsaria is the Chairman of the Supervisory Board in all four of them, the deputy is Koba Ghurtskaia, and the board members are Tamar Gakharia, Davit Asanidze, and Giorgi Arevadze.

• LLC "Tbil Line" was founded in 2010, Khvicha Makatsaria owns 100% of it, and the director is Eduard Aprasidze;
• 100% of the shares of LLC "Capital Group" is owned by Khvicha Makatsaria's business partner, Teimuraz Aronia, and the director is Mikheil Nadirashvili;
• The 100% owner of LLC "Tbil Car" is Tengiz Alfenidze, a dual citizen of Russia and Georgia, and Kakhaber Tchipashvili holds the position of director;
• The 100% shareholder of LLC "Public Car" is Irakli Sekania, and the director is Giorgi Kravelidze.

LLC "Tbilisi Parking"

LLC "Tbilisi Parking" is a company founded in 2010, its director is Shalva Tsakadze, and the shares are owned by Khvicha Makatsaria's wife, Maria Kokhia (20%), Irakli Sekania (20%), Zviad Shanava (10%), and Davit Tsitsilashvili (50%), the latter being one of the main figures in our research on the strategic wealth of Poti. The company owns a plot of land with an area of 1618 sq.m. in Tbilisi, on Vagzali Square, adjacent to the Metropolitan Department.

b) Critical digital infrastructure and telecommunication influence: Khvicha Makatsaria owns one of the three largest mobile operators in the country - "Cellfie Mobile". Control of critical digital infrastructure and the personal data of more than a million subscribers gives Makatsaria's group great informational and strategic influence, along with economic power.

From "Beeline" to "Cellfie Mobile"

The telecommunication company LLC "Cellfie Mobile" (formerly "Beeline") was founded in 2003. Before Khvicha Makatsaria's appearance, the company was owned by the international telecommunications holding VEON, whose largest shareholder was the investment group LetterOne. The co-founder of the latter was a Russian oligarch, Mikhail Fridman. In February 2022, due to Russia's invasion of Ukraine, the EU and the UK sanctioned Mikhail Fridman. As a result, he left the board of directors of VEON holding, and his shares in the investment group LetterOne were frozen.

To maintain its international image and avoid problems with Western banks or investors, VEON began distancing itself from Russian capital and sanctioned individuals. Within this strategy, the holding left the Georgian market, and in June 2022 officially completed the process of selling "VEON Georgia", which was purchased by Khvicha Makatsaria for 45 million dollars.

The General Director of LLC "Cellfie Mobile" is Rostom Talakhadze, the Supervisory Board includes: Chairman - Giorgi Verdzadze, Deputy Chairman - Tamar Gakharia, Members - Koba Ghurtskaia and Temur Kobakhidze. The company's shares are owned by LLC "Watertrail Industries" registered in the British Virgin Islands - 71%, and LLC "Investico Alliance" - 29%.

Ownership of "Caucasus Online" through offshore structures

Khvicha Makatsaria previously held the controlling stake of LLC "Caucasus Online" in the form of indirect ownership. According to Public Registry data, the founders of the company were offshore enterprises registered in the Virgin Islands: "International Online Networks Limited" (63.8%) and "Nelgado Limited" (36.2%). The latter controlled 100% of "International Online Networks Limited", and Khvicha Makatsaria owned exactly 100% of "Nelgado Limited". Therefore, he was the 100% indirect owner of "Caucasus Online".

In 2019–2021, Khvicha Makatsaria and his partners gradually sold 100% of the shares of "Nelgado Limited" (and therefore "Caucasus Online") to the Azerbaijani international holding "NEQSOL Holding". This transaction caused a fierce legal dispute with the Georgian state - the Communications Commission stated that the transfer of shares took place without the prior consent of the regulator, which was a violation of the Georgian Law "On Electronic Communications". Soon the parliament adopted legislative amendments, on the basis of which the Commission was granted the right to appoint a special manager in "Caucasus Online", who temporarily replaced the company's management. In response, "NEQSOL Holding" initiated an arbitration dispute against the Georgian state in the International Centre for Settlement of Investment Disputes (ICSID) at the World Bank, which continues to this day.

As of today, the actual true owner of "Caucasus Online" is the Azerbaijani "NEQSOL Holding", and the company is managed by a special manager appointed by the state. This case clearly shows how Khvicha Makatsaria's business deals are connected to the country's critical digital infrastructure and international legal risks.

c) Marine resources and strategic logistics: Khvicha Makatsaria's business group's interests are actively represented in the maritime sector, both in terms of utilization of natural resources and future infrastructure projects.

LLC "Googolplex"

LLC "Googolplex" is a company registered in September 2020. Its 100% shareholder is Maria Kokhia, a dual citizen of Georgia and the Russian Federation, Khvicha Makatsaria's wife, and the director is Tamar Gakharia.

It is exactly through "Googolplex" that Khvicha Makatsaria is connected to two important companies: LLC "Geofish Company" (26% share) and LLC "Georgian Service Network" (50% share).

LLC "Geofish Company"

LLC "Geofish Company" is one of 5 companies with an exclusive fishing license in the Black Sea. Khvicha Makatsaria's interests in this enterprise are represented through LLC "Googolplex", which owns 26% of the company, while the other shares are distributed as follows: LLC "Iceberg 2" - 64%, Aleksandre Tavadze - 4%, Giorgi Khakhubia, Member of Parliament from "Georgian Dream" - 1.5%, Nino Sarishvili, Giorgi Khakhubia's wife - 1.5%, Kakhaber Lataria 1.5%, Turkish company "Koptur Balikchilik Gida Sanayi Nakliyat ve Ticaret Limited Sirketi" - 1.5%. The director of LLC "Geofish Company" is Irakli Vekua.

Persons connected with LLC "Geofish Company" have made political donations amounting to 763,100 GEL in different periods, specifically:

• Irakli Vekua donated 113,100 GEL, of which he donated 1,100 to the "United National Movement" in 2012, and in 2020-2025 he donated 112,000 GEL to "Georgian Dream";
• Kakhaber Lataria has donated 470,000 GEL in different periods, of which in 2012 he donated 60,000 GEL to the "United National Movement", in 2018 he donated 60,000 GEL to the presidential candidate Salome Zourabichvili, and in 2016-2025 he donated 350,000 GEL to "Georgian Dream".

It is noteworthy that the shares of "Geofish Company" (25% in total) were previously owned by Nino Sarishvili's father (father-in-law of MP Giorgi Khakhubia), the late Tengiz Sarishvili, who is also recorded among the political donors. In 2012, he donated 60,000 GEL to the "United National Movement", and in 2016-2021 he donated 120,000 GEL to "Georgian Dream". "Geofish Company" holds one fishing license in the Black Sea until 2036.

"Supsa Sea Port"

"CBS Group" has stated on its official website that one of the holding's properties is the Supsa Sea Port. The territory visible on what looks like a photo render of the port is owned by a company connected to Khvicha Makatsaria - LLC "Black Sea Product", although a port does not function on this territory; according to the information noted on the site, the annual project turnover of the "Supsa Sea Port" should amount to 40 million tons and include 14 main and auxiliary berths.

LLC "Black Sea Product" is a company registered in 2008, its director is Shalva Tsakadze, and the current owner of 100% of the shares is LLC "Grigoleti Development Company". In the past, the shares of "Black Sea Product" were owned by Cypriot companies (Tivoli Management Limited, Voltari Holdings Limited, and Lexorex Investments Limited), and later its owner became an Israeli citizen, Michael Cherney. It was from him that LLC "Grigoleti Development Company" purchased 100% of the company's shares for 1,000 US dollars in July 2022.

LLC "Grigoleti Development Company" was founded in 2020. The director here is also Shalva Tsakadze, and the shares are owned by: Khvicha Makatsaria - 51%, Merab Jejeia (dual citizen of Georgia and Italy) - 20%, and Irina Shliam (German citizen) - 29%.

LLC "Black Sea Product" owns several plots of land with a total area of 106,766 sq.m. (10.6 ha) in the village of Grigoleti, Lanchkhuti municipality, near the mouth of the Supsa River and adjacent to the Black Sea coast.

It is interesting that a plot of land (72,261 sq.m.) adjacent to the lands owned by LLC "Black Sea Product" is owned by a company previously connected to Shalva Tsakadze - LLC "Grigoleti". This company was founded in 2020, its 100% owner and director was initially Shalva Tsakadze himself, who sold his share for 1,000 GEL to Nugzar Rukhaia in September 2025, and at the same time handed over the position of director.

It should be noted that Nugzar Rukhaia is connected to Khvicha Makatsaria's wife, Maria Kokhia, through LLC "GMC Group"^[1], where he holds the position of director, and Kokhia owns 20% of the company's shares.

d) Exclusive agreements with the Ministry of Finance.

lotto.ge - "Georgian National Lottery"

One of the activities of the "CBS Group" is the exclusive lottery sector, which the group carries out through LLC "GNL". Based on a 10-year agreement signed with the Ministry of Finance of Georgia in 2017, the company, under the trademark Lotto.ge , ensures the organization, management, and distribution of tickets of the Georgian National Lottery (draw-based and instant games) throughout the country.

LLC "GNL" is a company founded in 2016, its director is Giorgi Gedevanishvili, and 100% of its shares are owned by LLC "Vini", which is also a company founded in 2016. The director and 100% shareholder of LLC "Vini" is Koba Ghurtskaia.

LLC "Georgian Service Network"

LLC "Georgian Service Network" is a company registered in 2011, 50% of its shares are owned by LLC "Googolplex", and the remaining shares are owned by: LLC "DAISY TECHNOLOGY EOOD", a company registered in Bulgaria (1%), and Bulgarian citizens - Ivaylo Emilov Velev (44%) and Miroslav Lazarov Ginov (5%). The directors of the company are Konstantine Khajalia and Miroslav Lazarov Ginov.

According to the information posted on the official website of "GSN" - gsn.ge , the company is the official representative of the Bulgarian brand "Daisy Technology" in Georgia, which offers cash registers, fiscal printers, and commercial equipment (POS systems, scales, scanners, etc.) to users, ensures their automatic connection to the Revenue Service, and offers users full technical support throughout the country.

The company received 1,464,220 GEL from state procurements.

4. Other Business Interests of Khvicha Makatsaria and Connected Persons

LLC "Tbilisi Mall"

LLC "Tbilisi Mall" is a company founded in 2007; Khvicha Makatsaria owns 26% of its shares. The owners of the company are also: Konstantine Natroshvili (20%), a dual citizen of Russia and Georgia, Ilona Metreveli (10%), and the private company limited by shares "Holdex Intersales" (40%) registered in the Virgin Islands, and the director is Shalva Tsakadze. According to information published on the reporting portal, the company's main activity is real estate leasing. LLC "Tbilisi Mall" also owns a plot of land located on Tsinamdzgvrishvili Street in Tbilisi, with an area of 13,917 sq.m., together with the buildings placed on it. This territory is the so-called "Dezerter Bazaar" and it was sold by "Tbilisi Mall" to LLC "Gallery Arena", which is to build a shopping center here. LLC "Gallery Arena" is a company registered in 2023, 100% of its shares are owned by Koba Ghurtskaia, and the director is Giorgi Shanidze.

LLC "Didube Mall"

LLC "Didube Mall" is a company founded in 2020, Khvicha Makatsaria owns 24% of its shares, the owner of a 10% share is Mariam Jolokhava, who is the niece of Edisher Toloraia, Member of Parliament from "Georgian Dream", and the wife of Giga Melia, head of the regional project coordination service of the State Representative's administration in the Samegrelo-Zemo Svaneti region. 5% of the LLC is owned by Teimuraz Aronia, 6% is owned by LLC "N.G.B.", and the owner of a 55% share is LLC "Blox". The director of LLC "Didube Mall" is Irakli Chkhartishvili, who donated 40,000 GEL to "Georgian Dream" in 2025.

Marnaveli

The alcoholic beverage brand "Marnaveli" is produced under the umbrella of LLC "Tfilisis Marani". "Tfilisis Marani" is a company registered in 2002, which has been part of businessman Khvicha Makatsaria's "CBS Group" since 2019 and produces classic and qvevri wines, brandy, and chacha on the market under this brand. The production process of the "Marnaveli" brand itself takes place in a factory located in the village of Vaziani, Martkopi, Gardabani, which is placed on a plot of land owned by LLC "ABF" (formerly - "Alcoholic Beverage Factory"); LLC "Tfilisis Marani" leases the plot of land owned by LLC "ABF".

The director and owner of a 40% share of "Tfilisis Marani" is Shalva Tsakadze, while the remaining shares are owned by: Ioseb Imnadze - 30%, Tamar Maghalashvili - 15%, Giorgi Davitashvili - 8%, and Nona Davitashvili - 7%. Of these, Ioseb Imnadze is among the political donors; he donated 60,000 GEL to "Georgian Dream" in 2025. Ioseb Imnadze is concurrently the director and 33.33% shareholder of LLC "ABF"; the shares of the same company are owned by: Giorgi Davitashvili 8.33%, Lizi Davitashvili - 8.33%, Nona Davitashvili 8.33%, and Giorgi Shanidze 33.33%, the latter is also a political donor and donated 83,000 GEL to "Georgian Dream" in 2017-2020. A political donation was also made by LLC "ABF" (then "Alcoholic Beverage Factory"); it donated 120,000 GEL to "Georgian Dream" in 2018.

Energy Companies

LLC "Cross Border Trading" is a company founded in 2021; the owner of a 50% share is Levan Tsiklauri, and the owner of the other 50% share and director is Ilia Kutidze. The company's registration was suspended from April 1, 2026, but in the past it operated in the energy sector. The company can be searched in the register of electricity market participants on the official website of "GNERC", and according to the information published on the website of the Georgian State Electrosystem, the company exported electricity to Armenia and Turkey in 2021;

LLC "Tbilisi Solar Energy" is a company registered in 2025. Khvicha Makatsaria owns 50% of its shares, the owner of the other 50% share is Dimitri Adamia, and the director is Giorgi Margebadze. Dimitri Adamia, who is also the CEO of m², has made political donations of 145,000 GEL in 2016-2025, from which 85,000 GEL was given to "Georgian Dream" and 60,000 GEL to the presidential candidate Salome Zourabichvili.

LLC "Hydro Invest" is a company founded in 2021, Khvicha Makatsaria owns a 45% share, and the rest is distributed among the following persons: Ilia Kutidze - 2.87%, Mamuka Togonidze - 36.1%, Daviti Kutidze - 5.5%, Revaz Kutidze - 5.5%, and Yulia Dedova (Russian citizen) - 5%. Of these, Mamuka Togonidze donated 29,000 GEL to "Georgian Dream" in 2018-2020, and Davit Kutidze donated 60,000 GEL in 2025. This company is building the 22.4 megawatt "Tskhenistskali 1 HPP" on the Tskhenistskali River in the territory of Lentekhi municipality;

LLC "Miren Invest" is a company founded in 2018, Khvicha Makatsaria owns 100% of its shares, and the director is Koba Ghurtskaia. In the past, the company's name was "MK Energy", and the shares were evenly distributed between Khvicha Makatsaria and Temur Kobakhidze, the latter being also a donor to "Georgian Dream" and having contributed a total of 108,500 GEL, of which 30,000 GEL went to presidential candidate Salome Zourabichvili. LLC "Miren Invest", in turn, owns a 59.1% share in LLC "Silk Road Group B.V.", whose director is Tamar Gakharia, and the remaining shares are distributed between LLC "Silver Lake" (2.5%) and LLC "Gaztransit" (38.4%).

LLC "Citysite"

LLC "Citysite" is a company founded in 2017, its director is Koba Ghurtskaia, and the shares are owned by Khvicha Makatsaria's wife, Maria Kokhia, and Temur Kobakhidze. "Citysite" owns two plots of land located on Shavteli Street in Tbilisi (total area - 1,565 sq.m.), together with the buildings on them (total area - 1,948 sq.m.). This is exactly where the restaurant "Kalakuri" is located.

LLC "SmartOne POS" and LLC "Tbilisi Power"

LLC "SmartOne POS" is a company founded in 2022, its director is Giorgi Kravelidze, and Khvicha Makatsaria owns 100% of the company's shares. This company provides fiscal (cash register) machines and corresponding technical services. Kravelidze and Makatsaria are connected to each other in another company founded in 2022, LLC "Tbilisi Power"; here too the director is Kravelidze, and Khvicha Makatsaria is the owner of the company.

LLC “Iway Company"

LLC "Iway Company" is a company founded in 2023, Khvicha Makatsaria owns a 34% share, and 33-33 percents are distributed between Nino Nazarian and Harutyun Grigoryan; the latter is a dual citizen of Georgia and Armenia, and he is also the director of the company.

LLC "New-York Exchange"

LLC "New-York Exchange" is a company founded in 2011, its current director and 75% shareholder is a citizen of Saint Kitts and Nevis, Furia Naieb, and 25% of the shares are owned by Aleksandr Lishkovsky, a dual citizen of the Islamic Republic of Iran and Georgia. The company's registration is suspended from April 1, 2026. Khvicha Makatsaria was connected to this company until 2017; Makatsaria sold his share to Aleksandr Lishkovsky for 100 GEL on December 1, 2017.

LLC "EPCM Georgia"

LLC "EPCM Georgia" is a company founded in 2019, Khvicha Makatsaria owns 30% of its shares, and the rest is owned by: Givi Sanadze - 20%, Suren Nazarian - 17%, Maia Kesheleva - 17%, and Harutyun Grigoryan - 16%. The latter is also the director of the company at the same time.

LLC "M2M"

Khvicha Makatsaria owns 50% of the shares of LLC "M2M", and the director of the company and owner of 50% of the shares is a Romanian citizen, Ruslan Mekhovnikov.

LLC "Pace"

Pace LLC is a company founded in 2023, Khvicha Makatsaria owns 49% of its shares, and the 51% owner is LLC "Cellfie Mobile", the position of director is held by Nikoloz Chiaureli.

LLC "Paramount Development"

LLC "Paramount Development" is a company founded in 2022, Makatsaria owns 90% of its shares, and 5-5 percent is distributed between Lasha Megrelidze and Davit Kutidze; the latter is also the director of the company.

LLC "Spot Point"

LLC "Spot Point" is a company founded in 2017, its current owners are Khvicha Makatsaria (65%), Davit Tsitsilashvili (25%), and Tajik citizen Nigina Khudoiorbekova (10%); the director of the company is Koba Ghurtskaia. It should be noted that for a month after its founding, the director of the company was a former journalist, Natela (Natia) Mikiashvili. The company has also received one direct procurement of 21,513 GEL.

Natela (Natia) Mikiashvili appears in another company related to Khvicha Makatsaria - LLC "Citygate", where she holds the position of director; Makatsaria is the owner of a 50% share in this company, and the same amount is owned by Sergi Yefimtsev, a dual citizen of Ukraine and Georgia. It should be noted that LLC "Citygate" had its registration suspended from April 1, 2026.

LLC "Mziuri"

According to the information published on the official website of "CBS Group", the group owns the "Mziuri Tennis Courts", and Khvicha Makatsaria himself is the president of N(N)LE "Georgian Tennis Federation", while Aleksandre Metreveli holds the position of vice-president. Makatsaria and Metreveli are also connected to each other in LLC "Mziuri"^[2], where Khvicha Makatsaria is the owner of a 50% share, and Aleksandre Metreveli is also the owner of a 50% share and director. Aleksandre Metreveli is concurrently the director of LLC "Mziuri 2017". In this company, the 50% shareholder is Teimuraz Makatsaria. It is exactly LLC "Mziuri 2017" that has leased the plot of land located on Ramishvili Street in Tbilisi (with an area of 17,454 sq.m.), where the tennis courts are placed.

LLC "Sportuli Ezo" (Sports Yard)

LLC "Sportuli Ezo" is a company founded in 2005, its director is Zaza Karasanidze, 100% of the company's shares are owned by LEPL "City of Tbilisi Municipality", and the share is managed directly by Khvicha Makatsaria.

LLC "Laguna Property"

LLC "Laguna Property", formerly LLC "Russian Restaurant", is a company registered in 2007, its director is Shalva Tsakadze, and the shares are owned by Maria Kokhia and Sergey Yefimtsev. The company owns a plot of land in Tbilisi, adjacent to the stairs leading up to the Circus (area 1,122 sq.m.) and the building on it (area 546 sq.m.).

LLC "Plumas"

LLC "Plumas" is a company founded in 2023; Maria Kokhia owns 100% of its shares. The director is Meri Bichashvili. It was under the auspices of this company that Maria Kokhia created the women's clothing brand "KOKHIA", which, according to information posted on the brand's official website, operates in Monaco.

Conclusion

The present study clearly shows that the activities of Khvicha Makatsaria and his "CBS Group" are a classic example of the merger of large capital and political power. The group managed to consolidate strategic influence: on the one hand, in the capital they have practically monopolized almost all services vital for the population: gas supply, electricity, and municipal route transport. On the other hand, throughout the country, the group controls critical informational and digital infrastructure in the form of the mobile operator "Cellfie Mobile" and holds the exclusive right to manage the national lottery. Added to this is the assimilation of logistical and resource assets in the Black Sea ("Geofish Company" and in perspective "Supsa Port").

The stability of this business empire is significantly determined by the opaque ownership structures created using offshore companies, the partnership with the Russian state giant "Inter RAO" in the energy sector, and close ties with the ruling elite. More than 1.5 million GEL in political donations and open support for the government's repressive initiatives indicate mutual trust and alignment of interests. Khvicha Makatsaria's business network vividly reflects the risks of state capture, where success in the market is determined by political patronage and loyalty instead of free competition.