Party Financing in the First Half of 2025: The Financial Domination of Georgian Dream

31 July, 2025

Key Findings

In the first 6 months of 2025, all parties received a total of 7,592,948 GEL in donations, of which 87% - 6,573,370 GEL - was received by Georgian Dream. The donation received by the ruling party is 6 times more than the donations received by all other parties combined (1,019,578 GEL), which highlights a sharp financial inequality. The potential participation of large donors to Georgian Dream in systemic corruption continues to raise legitimate questions - companies associated with them receive multi-million GEL tenders and budget subsidies.

The Absolute Financial Domination of the Ruling Party
- Georgian Dream received 6.6 million GEL in donations, which is 87% of the donations received by all parties.
- This amount is 6 times more than the donations received by all other parties combined.
State Contracts Received in Parallel with Donations
- Eleven companies associated with the ruling party's donors have won state tenders worth 143.6 million GEL since 2024, and since 2016, they have won tenders worth 422 million GEL.
- Twenty-three companies associated with the ruling party's donors received simplified procurement contracts worth up to 1.5 million GEL. Since 2016, these same companies have received contracts worth up to 15 million GEL.
- During the same period, no company associated with opposition party donors has won a tender, and the total value of simplified procurement contracts received is 185,447 GEL.
Donors as Large Beneficiaries of State Subsidies
- Since 2024, 13 companies associated with donors have received more than 27 million GEL in agricultural subsidies. In total, these companies have received subsidies worth more than 71 million GEL.
- Particularly noteworthy is the business network of Vakhtang Karichashvili, whose companies received more than 25 million GEL, which constitutes 13% of the agro-subsidies issued in 2024.
- During the same period, no company associated with opposition party donors has received an agro-subsidy.
Anomalous Growth of Donations from Adjara
- In the three months following the resignation of Tornike Rizhvadze, the Chairman of the Government of the Autonomous Republic of Adjara, more than 2.5 million GEL was donated to the party from the region. Such a large amount of donations from the region in this timeframe is unprecedented and raises suspicion that the donations were made through third parties, which is a violation of the law.
"People's Power" is Financed by the Traditional Donors of Georgian Dream
- The party received a donation of 190,000 GEL; all donors had donated to Georgian Dream in past years, and in total, they have contributed 337,369 GEL to the ruling party's coffers.

Donation Statistics

In the first 6 months of 2025, all parties received a total of 7,592,948 GEL in donations, of which 87% - 6,573,370 GEL - was received by Georgian Dream. The donation received by the party is 6 times more than the donations received by all other parties combined. During the same period, the Lelo party received 410,125 GEL in donations, and the People's Power party received 190,000 GEL. See the diagram for full details.

Analysis of Georgian Dream Donors

In the first 6 months of 2025, 168 individuals donated 6,573,370 GEL to Georgian Dream. In total, the aforementioned donors of Georgian Dream have donated more than 20 million GEL to the party.^{^[1]} The following chapters, based on open sources, analyze the donors of the ruling party, their connections to legal entities, the state procurement contracts received, and benefits received from various other budget programs.

Eleven companies associated with Georgian Dream donors have won state tenders worth 143.6 million GEL since 2024, and since 2016, they have won tenders worth 422 million GEL (see Table 1 for detailed information on companies whose total value of won tenders exceeded 100,000 GEL).

Table 1. Value of Tenders Won by Companies Associated with Georgian Dream Donors and Their Donations from January 1 to June 30, 2025 (GEL)
Company Name	Value of Tenders Won Since 2024	Value of Tenders Won Since 2016	Donation in 2025	Total Donation
Bondi-2009	91,332,302	274,872,745	60,000	495,000
Monoliti-2005	23,954,778	60,906,493	60,000	125,450
Arkmshenservisi	10,274,432	22,659,777	55,000	55,000
Nova	6,568,960	8,622,212	260,000	867,000
LLC Arsakidze-2000	5,214,554	30,499,015	60,000	521,000
LLC "Iberia-J"	3,824,889	16,747,828	20,000	20,000
LLC Vertisoli	1,380,710	2,779,943	60,000	60,000
LLC GLOBAL DEFENSE GROUP	931,395	3,296,407	60,000	60,000

During the same period, 23 companies associated with the ruling party's donors received simplified procurement contracts worth up to 1.5 million GEL, and since 2016, these same companies have received contracts worth up to 15 million GEL. Table 2 lists the five companies associated with donors that received the highest value of simplified procurement contracts since 2024.

Table 2. Value of Simplified Procurement Contracts Received by Companies Associated with Georgian Dream Donors and Their Donations from January 1 to June 30, 2025 (GEL)
Company Name	Value of Contracts Received Since 2024	Value of Contracts Received Since 2016	Donation in 2025	Total Donation
LLC Nova	893,231	3,740,891	260,000	867,000
LLC Bolero & Company	150,000	150,000	100,000	567,000
LLC Vertisoli	115,088	410,918	60,000	60,000
LLC Avtochek	98,559	950,079	40,000	205,000
LLC Bondi-2009	83,850	415,345	60,000	495,000

During the same period, 13 companies associated with donors received more than 27 million GEL in agricultural subsidies, and in total, these companies have received subsidies worth more than 71 million GEL (see Table 3 for companies associated with Georgian Dream donors that received the most co-financing since 2024).

Table 3. Co-financing Received by Companies Associated with Georgian Dream Donors within the Preferential Agro-credit Project (2024-2025, GEL)
Company Name	Amount (GEL)
LLC Bolero and Company	4,324,337
LLC GVMT Group	3,820,393
LLC "Gruzvinprom"	3,602,446
LLC Universal Spirits	3,450,976
LLC Milada International	3,275,450
LLC Lama 1	3,275,450
LLC Georgian Distilleries Union	3,275,378
LLC Dugladze Wine Company	1,346,503

A separate mention should be made of the huge number of Georgian Dream donors from the Adjara region during the reporting period. In June, Georgian Dream had a total of 44 donors who donated a total of 1,727,200 GEL, of which 39 donors were from the Adjara region, who contributed a total of 1,541,100 GEL to the party's coffers (89%). This is the largest donation Georgian Dream has received from Adjara in a one-month interval. The increase in donations began in April, after the resignation of the Chairman of the Supreme Council of Adjara, Tornike Rizhvadze, and in the same month, 545,000 GEL entered the party's treasury. The trend continued in May (505,020 GEL), and as mentioned, reached its peak in June. In total, the party received 2,590,020 GEL from Adjara in three months. It is noteworthy that during these three months, 39 out of 62 donors made their first donation.

As part of a journalistic investigation for the TV Pirveli program "Nodar Meladze's Saturday," journalists identified ten individuals who had donated to the party for the first time, contributing a total of 485,000 GEL. All of them were individuals associated with maritime academies or were active seafarers, with several of them already retired. The report clearly raised a reasonable suspicion that they are fictitious donors and were not actually donating their own funds to the party, which is a violation of the law.^{^[2]}

A significant part of the donor groups discussed in the chapters below are from the Adjara region.

Donor Groups

Dolidze Construction Group ("Monoliti 2005" and "Bondi-2009")

The companies are associated with brothers Nukri and Merab Dolidze. On the same day, May 7, 2025, they donated a total of 120,000 GEL to Georgian Dream. This group is one of the most prominent examples of companies associated with donors receiving state contracts worth hundreds of millions of GEL against the background of many years of coordinated donations. The value of tenders won in 2024-2025 exceeds 115 million GEL. "Transparency International - Georgia" has written about this group several times before.^{^[3]}

Donation (2025): 120,000 GEL
Total aggregate donation: 620,450 GEL
State Procurements (2024-2025): 115.2 million GEL; 83 thousand GEL (simplified)
State Procurements (since 2016): 335.7 million GEL; 415 thousand GEL (simplified)
Group members and their individual donations:
- Nukri Dolidze: 60,000 GEL, shareholder of LLC "Monoliti 2005" and LLC "Bondi-2009".
- Merab Dolidze: 60,000 GEL, director and shareholder of LLC "Monoliti 2005".