The remaining 65 percent can hide behind anonymity rules
In Tbilisi, a seventy-story tower bearing a familiar American name is rising from land whose ownership traces, through layers of corporate structure, to the family of a man the United States has sanctioned for undermining democracy. The Trump Organization's latest international franchise deal invites an old and unresolved question: at what point does a brand license become a political entanglement? As the tower climbs, so too does scrutiny of whether the boundaries between commerce, governance, and foreign influence can hold.
- The land beneath the planned Trump Tower in Tbilisi is tied to the family of Bidzina Ivanishvili, a US-sanctioned billionaire who effectively controls Georgia's ruling party.
- Ivanishvili's son quietly reduced his stake in the land-owning entity from 100% to 35% after his father was sanctioned in 2024, while the identities of the remaining shareholders stay hidden behind disclosure thresholds.
- US sanctions law bars American citizens from doing business directly with Ivanishvili, yet the Trump Organization has declined to explain how the project navigates — or avoids — that legal boundary.
- Georgian Dream officials are celebrating the tower as proof of the country's stability, while anti-corruption watchdogs flag the deal's political ties, sanctioned-adjacent land ownership, and links to media outlets sanctioned by the UK for disinformation.
- The Tbilisi project is part of a wider pattern: Trump Organization ventures in Oman and Saudi Arabia similarly involve government-owned land or state-linked developers, compounding concerns about the presidency and private business overlapping on the world stage.
A seventy-story Trump Tower is planned for Tbilisi, Georgia, on the site of a former Soviet-era hippodrome. The development has drawn sharp scrutiny because the land is owned by a charitable fund controlled by a company 35 percent held by Uta Ivanishvili — eldest son of Bidzina Ivanishvili, the billionaire sanctioned by the United States in 2024 for steering Georgia away from European integration and toward Russian influence.
The ownership structure carries its own timeline. Uta Ivanishvili once held the entire stake in the relevant entity; that share fell to 35 percent after his father was sanctioned. The remaining 65 percent belongs to shareholders whose identities are shielded by disclosure rules. A lawyer for the elder Ivanishvili says most of the hippodrome land has been donated to the Georgian state for a public park, with the smaller remaining parcel under a purchase agreement with the tower's development company — though full payment and transfer have not yet occurred.
The Trump Organization, managed by Donald Trump Jr. and Eric Trump, declined to comment on the Georgian venture. Under US sanctions law, American citizens cannot transact directly with Bidzina Ivanishvili without authorization, though exemptions exist for entities he controls. The White House has maintained that the president's family will not engage in conflicts of interest, but the project's architecture of relationships has left that assurance under strain.
The Georgian development consortium includes four local firms and the US-based Sapir Organization, a longtime Trump partner. None face sanctions, though one founder previously served as a Georgian Dream parliamentarian, and another group's owners have been conspicuously silent during Georgia's recent political upheaval. Georgian Dream officials have embraced the tower as a symbol of national credibility; Transparency International Georgia sees it differently, pointing to the land's political provenance, the ruling party's business ties, and the use of the project as propaganda by UK-sanctioned media channels.
The Tbilisi tower is not an isolated case. Trump Organization projects in Oman and Saudi Arabia similarly sit on government-owned land or involve state-linked developers. Together, they raise a question that the tower's rising steel frame cannot answer: whether a sitting president's family business can license its name across the geopolitical map without the brand and the office becoming indistinguishable.
A seventy-story tower is rising in Tbilisi, Georgia's capital, and with it comes a tangle of business relationships that has drawn scrutiny from ethics watchdogs and transparency advocates. The Trump Tower project, announced in April by the Trump Organization—managed by the president's sons Donald Trump Jr. and Eric Trump—sits on land whose ownership traces back through a web of entities to the family of a man the United States has explicitly sanctioned.
The plot itself is historic: a former Soviet-era horse-racing track, the hippodrome, now owned by the International Charity Fund Cartu. That fund is controlled entirely by Cartu Group JSC, which in turn is 35 percent owned by Uta Ivanishvili, the eldest son of Bidzina Ivanishvili, Georgia's billionaire and the de facto leader of the country's ruling Georgian Dream party. In May 2024, the Biden administration placed Bidzina Ivanishvili under economic sanctions, citing his efforts to undermine Georgia's democratic trajectory and push the country toward Russian interests rather than European integration.
The timing of the ownership shift is notable. Until 2024, Uta Ivanishvili held complete ownership of Cartu Group. When his father faced sanctions, Uta's stake dropped to 35 percent. The remaining 65 percent is held by shareholders whose identities remain shielded behind anonymity rules that permit holdings under 5 percent to go undisclosed. A lawyer for Bidzina Ivanishvili has stated that the family donated the bulk of the hippodrome land—431,735 square meters—to the Georgian state for a public park being built at Ivanishvili's expense. The remaining 80,000 square meters, the lawyer said, was placed under a preliminary purchase agreement in October 2023 with Central Park Avenue LLC, the entity developing the Trump Tower. Only a small portion has transferred so far; the rest awaits payment.
Under current US sanctions law, American citizens cannot conduct business with Bidzina Ivanishvili directly without authorization, though there is an exemption for businesses he controls. The Trump Organization's involvement raises the question of whether this project navigates that exemption or sidesteps it entirely. The White House has stated that neither the president nor his family will engage in conflicts of interest, but the organization declined to comment when asked about the Georgian venture. The Trump Organization's executive vice president, Eric Trump, called the project a source of pride and praised the local developers as respected professionals.
The Georgian consortium includes four local firms—Archi Group, Biograpi Living, Blox Group, and Finvest Georgia—plus the Sapir Organization, a longtime Trump partner based in the United States. None of these entities or their directors face sanctions. Archi Group's founder, Ilia Tsulaia, previously served as a member of parliament for Georgian Dream. Biograpi Living is part of the Wissol Group, owned by brothers Soso and Levan Pkhakadze, whose public silence during Georgia's recent political turmoil has drawn local media attention. When asked for comment, none of the companies responded.
Georgian Dream leaders have celebrated the Trump Tower as validation of the country's economic health and governance. Parliament speaker Shalva Papuashvili, from the ruling party, suggested that Trump's willingness to attach his brand to a Georgian project demonstrated confidence in the environment. Critics, however, see something different. Sandro Kevkhishvili, the anti-corruption program manager at Transparency International Georgia, identified three grounds for concern: the involvement of at least one businessman with Georgian Dream ties; the fact that the land still belongs to a charity linked to Ivanishvili's family and to a person exercising effective control over Georgia; and the use of the project by Georgian Dream-aligned media channels—some recently sanctioned by the United Kingdom for spreading disinformation about Ukraine—as a political victory.
This is not the Trump Organization's first venture into territory where the lines between business and geopolitics blur. A luxury hotel and golf complex in Oman is being built on government-owned land. That project and three others involve a subsidiary of Dar Al Arkan, a Saudi real estate company with close ties to the Saudi government. The pattern raises a broader question about what it means for a sitting president's family business to license its name to developments in countries where government entities, sanctioned individuals, or their relatives hold significant stakes. The Tbilisi tower, now under construction, will test whether such arrangements can coexist with the stated commitment to avoid conflicts of interest.
Citações Notáveis
When Trump's company enters Georgia under its own brand, it means it has a strong understanding of the existing environment— Shalva Papuashvili, speaker of Georgia's parliament
There are grounds for concern that the Trump Tower project in Georgia is not merely a private business project, but rather a political one— Sandro Kevkhishvili, anti-corruption program manager at Transparency International Georgia
A Conversa do Hearth Outra perspectiva sobre a história
Why does it matter that Uta Ivanishvili reduced his stake from 100 percent to 35 percent right after his father was sanctioned?
Because it suggests an attempt to obscure the family's control. If Uta had kept full ownership, the connection would be unmistakable. At 35 percent, he's still the largest known shareholder, but the remaining 65 percent can hide behind anonymity rules. It creates plausible deniability.
But the lawyer says Bidzina Ivanishvili donated most of the land to the state. Doesn't that suggest he's not trying to profit from the Trump Tower?
It's more complicated. He donated 431,000 square meters for a public park he's building himself—which is good publicity. But he kept 80,000 square meters for a commercial deal. The Trump Tower sits on that retained land. So he's both the public benefactor and the private developer.
Is the Trump Organization actually breaking sanctions law?
That's unclear, and it's the uncomfortable part. The sanctions exemption for businesses controlled by a sanctioned person is vague. The Trump Organization can argue it's dealing with Cartu Fund and Central Park Avenue LLC, not directly with Bidzina Ivanishvili. But the money flowing to Cartu ultimately benefits his family.
What do Georgian critics actually fear?
They fear this is less about real estate and more about Ivanishvili using Trump's brand to legitimize his rule. If the American president's company trusts Georgia's governance enough to build here, it sends a message to the world that things are stable and democratic. But Georgia's democracy has been deteriorating, and critics see the tower as a cover story.
Why didn't the Trump Organization respond to questions?
Silence is its own answer. Any statement would require them to either defend the arrangement or distance themselves from it. Either way, they'd be admitting the connection matters.