On September 8, 2025, a Dutch investigative journalism platform Follow the Money published an article, according to which, the ruling party Georgian Dream’s main propaganda television channel Imedi TV is financed by the party founder, oligarch Bidzina Ivanishvili. Transparency International Georgia looked into Imedi TV’s finances and found even more connections with Ivanishvili, who

• Bidzina Ivanishvili has been financing Imedi since at least 2018.
• At the end of 2022, Imedi's debt to Bidzina Ivanishvili's companies was at least 61 million GEL (app. 23 mln USD).
• Together with other companies related to Cartu Group, the debt reaches 165 million GEL (app. 61 mln USD).
• Imedi is financed through preferential loans. In 2023, the TV company had received loans of 331 million GEL (app. 123 mln USD). Two main lenders are Bidzina Ivanishvili and Irakli Rukhadze (through their companies).*
• The company is operating at a loss. At the end of 2023, it had accumulated losses of 388 million GEL (app. 144 mln USD).*

* Update: Shortly after the publication of this article, the latest (2024) financial audit report of Imedi TV was published, according to which the company's debt has increased to 391 million GEL, and losses have increased to 454 million GEL.

The main propaganda vehicle of the Georgian Dream, Imedi TV, often positions itself as a private television station with an independent editorial policy. At the same time, its owner, Irakli Rukhadze, admits that he determines the editorial policy of the TV and that it coincides with the party goals of the Georgian Dream.

100% of Teleimedi LLC (i.e. Imedi TV) is owned by Georgian Media Production Group LLC, which is owned by Media Finance Group, a company registered in the Netherlands. As of December 31, 2023, the ultimate owners of Media Finance Group are Irakli Rukhadze, Benjamin Albert Marson, and Igor Alekseev.

Teleimedi is a loss-making company. According to its financial report, as of December 31, 2023, it had accumulated losses of 388 mln GEL. In 2018, when Teleimedi's financial report was first published, the company already had accumulated losses of 170 mln GEL.

To cover its losses, Teleimedi receives preferential loans from its owners and companies related to them year after year. The company notes in its financial statements that the lenders do not ask Teleimedi to repay these loans. In the 2023 financial report (page 22) we read:

"A significant portion of current liabilities is represented by loans taken from companies that are shareholders of the company and members of their group. The company's management does not expect that these creditors will demand repayment of loans in a way that would cause Teleimedi to face a liquidity problem”.

In 2018, Teleimedi had 141 mln GEL loan, and in 2023 it was already 331 mln GEL. Most of this money comes from companies owned by Irakli Rukhadze, one of the company's ultimate beneficial owners. However, an analysis of the financial statements showed that, through the same scheme, Bidzina Ivanishvili's companies are also among the creditors of Teleimedi, e.g. as of 2022:

• JSC Bank Cartu - 44.8 mln GEL
• Cartu Group LLC - 6.9 mln GEL
• Wenigen Management Limited - 9 mln GEL

At the end of 2018, the TV had received up to 15 mln GEL in loans from companies related to Bidzina Ivanishvili: 8.1 mln GEL from Cartu Bank and 6.8 mln GEL from Wenigen Management Limited. At the end of 2022, the TV's debt to companies related to Bidzina Ivanishvili amounted to 61 mln GEL. In 2018, the share of loans from companies related to Bidzina Ivanishvili in the total TV’s loans was 10%, and in 2022 it was 21%.

In the 2023 financial report, Teleimedi's loans are no longer broken according to creditors. However, it is noted that a significant portion (274 mln GEL) of the current liabilities (331 mln GEL) as of December 31, 2023 are loans taken from Teleimedi’s shareholders and related companies.

Data source: Annual financial reports of Teleimedi

Creditor companies related to Bidzina Ivanishvili

JSC Bank Cartu

The owner of 100% of the shares of JSC Bank Cartu is the Cartu Foundation, a charity organization owned and controlled by the Ivanishvili family. The charity fund itself is owned by a company called JSC Cartu Group, which until recently (i.e. early 2025) was 100% owned by Bidzina Ivanishvili's son, Uta Ivanishvili. In early 2025, it became known that the Ivanishvili family decided to make changes in the ownership structure of JSC Cartu Group by retaining only 35% of shares under Uta Ivanishvili and distributing the rest among at least 14 undisclosed individuals, likely as a measure to soften the effect of sanctions imposed on Bidzina Ivanishvili.

In 2018, Teleimedi had an 8 mln GEL loan from JSC Bank Cartu. According to 2022 data, the debt to the bank had increased to 44.8 mln GEL.

Cartu Group LLC

The owner of 100% of the shares of Cartu Group LLC is also the Cartu Foundation, meaning that the ownership structure is same as in case of JSC Cartu Bank, i.e. the ultimate owner being Bidzina Ivanishvili's son, Uta Ivanishvili, until early 2025, when the shares were redistributed.

Teleimedi received a loan from Cartu Group for the first time in 2020 in the amount of 7.1 mln GEL. By the end of 2022, the debt had been reduced to 6.9 mln GEL.

Wenigen Management Limited

According to the financial statements of Teleimedi, Wenigen Management Limited is a company related to the owners of the TV. It was previously revealed that Wenigen Management Limited is an offshore company associated with Bidzina Ivanishvili, having owned some of his Russian companies in the past. In 2018-2019, Wenigen Management Limited also financed the Cartu Foundation. In 2018, Teleimedi had a loan of 6.8 mln GEL from Wenigen Management Limited. According to 2022 data, the loan amount had increased to 9 mln GEL.

Amber LLC – One more company connected with Cartu Bank / Bidzina Ivanishvili?

Amber LLC is a key creditor of Teleimedi. It has been financing the television station since 2018 and had issued a loan of 105 mln GEL (or 35.5% of total loans) at the end of 2022. Since Amber's name is written in Georgian in its financial statements, it is likely to be a company registered in Georgia. The financial statements do not include a company identification code, and “Amber" is the name of more than ten companies. Therefore, the exact identification of the company is difficult. However, the 2022 financial report of Teleimedi states (page 22) that Amber is a company related to the owners of the TV and members of their group.

We studied all companies registered before 2018 called "Amber". Imedi TV is most likely financed by Amber LLC (ID number 400251758), registered on October 17, 2018, and 100% owned by Iakob Gogoladze. According to one sports website, Iakob Gogoladze plays for Cartu Bank in the Futsal Grand League. According to a post he posted on social media, he also played for Cartu Bank in 2019.

The 2018 financial report of JSC Cartu Group states that on October 18, 2018, Cartu Group provided a loan of 2.8 mln GEL to Amber LLC. The Amber we identified was registered a day earlier, which strengthens the suspicion that the two companies are one and the same. In turn, in 2018, Amber LLC lent Teleimedi approximately the same amount - 2.9 mln GEL. Cartu Group gave Amber a loan of 2.9 mln GEL in 2019 as well, which Amber then lent to Teleimedi.

This scheme raises suspicions that Amber LLC is actually a company related to Bidzina Ivanishvili through which he is able to funnel even more funds towards Imedi TV than what is visible through the three companies listed above. If true, this would mean that in 2022 Bidzina Ivanishvili funded 56%, or more than half, of Imedi TV’s loans.

Table 1. Loans Received by Teleimedi, in mln GEL (as of end of each year)

Data source: Annual financial reports of Teleimedi

Ps Capital Lux S.A.R.L

According to the financial reports of Teleimedi, Ps Capital Lux S.A.R.L is a company related to the owners of the TV. Ps Capital Lux S.A.R.L is registered in Luxembourg and its owner is Park Street Capital LP, a company registered in the British Virgin Islands. This company has been financing the TV since 2021 and was the largest creditor at the end of 2022. The TV’s debt to it was 126 mln GEL.