IDFI has been writing about offshore companies in Georgia for years. On April 19, 2016, the organization published another study on the topic titled Offshore Companies in Georgia – Risks and Recommendations. The study reviews the specific risks offshore companies pose in Georgia, including lack of accountability, Russian influence on the Georgian economy, money laundering, political pressure on business and tax evasion. The study also presents specific recommendations to the Chief Prosecutor’s Office, the Parliament and the Government.
The study on offshore companies was reported on extensively by the media. Georgian Public Broadcaster’s main news program Moambe presented a brief overview of the study and featured an interview with IDFI representative Tamar Iakobidze, who talked about the importance of investigating possible cases of money laundering and inappropriate disposal of budget funds through offshore zones.
TV company Maestro’s program Business Contact invited IDFI board chairman Levan Avalishvili to speak about the study and its main messages. Avalishvili emphasized the importance of investigation and oversight mechanisms as necessary preconditions for ensuring transparency of the economic system. According to Avalishvili, “a new worldwide strategy is being elaborated in relation to offshore companies and Georgia cannot fall behind”.
Radio Kommersanti dedicated an extensive segment to IDFI’s study on offshores and featured an interview with Levan Avalishvili. The story was also covered by Radio Voice of Abkhazia, Radio Pirveli (radio programs Open Studio and Business News) and Radio Imedi (radio program Economix). Radio 1 prepared an extensive segment on the topic of offshore companies in Georgia by featuring IDFI’s study.
Print media also reported on the topic. Newspaper Rezonansi published an article that discussed foreign direct investments figures coming to Georgia from offshores zones based on IDFI’s data.
Other news portals that reported on IDFI’s study included:
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