Dimitri Kumsishvili's Organization Receives GEL 90,000 through Simplified Procurement - საერთაშორისო გამჭვირვალობა - საქართველო
GEO

Dimitri Kumsishvili's Organization Receives GEL 90,000 through Simplified Procurement

12 July, 2023

The organization of the former Minister of Economy and Sustainable Development, Dimitri Kumsishvili, receives money without a tender from the legal entity of public law (LEPL), which was subordinated to him during his tenure as Minister of Economy.

On April 26, LEPL Georgia’s Innovation and Technology Agency signed a GEL 40,000 contract with JSC Georgian Business Angel Network through simplified (direct) procurement. According to the contract, Georgian Business Angel Network provided the services of holding the conference in April-June.

N(N)LE Georgian Business Angel Network was established on March 1, 2023 by the limited liability company of the same name – Georgian Business Angel Network LLC, which received another GEL 50,000 contract from Georgia’s Innovation and Technology Agency through simplified procurement in 2022.

Georgian Business Angel Network LLC was founded in 2021. 8.5% of the shares of the company belong to the former Minister of Economy and Sustainable Development, Dimitri Kumsishvili, 8.5% - to Dimitri Kumsishvili’s relative, Ivane Tevdorashvili, 19% to Armenian citizen Hayk Asriants, 19% - to Guriel Koiava, 15% - to “G & G Invest” LLC, and 27% - to Startup and Innovation Investment Fund LLC. Dimitri Kumsishvili and Ivane Tevdorashvili each have a 10-10% stake in the latter.

In general, “angel investors” are investors, who provide initial seed money for startup companies. The name “angel” is associated with the status of an investor helping a startup company. However, in the case of Georgia, the opposite happens - the state helps “angel investors.”

It is noteworthy that in 2018, the Prosecutor’s Office of Georgia launched an investigation into the abuse of power and embezzlement of large amounts of public funds by some officials of the Ministry during Dimitri Kumsishvili’s tenure as Minister. The investigation focused mainly on the companies that won tenders and procurement contracts. The Prosecutor’s Office also summoned Dimitri Kumsishvili for questioning.

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