Seven heirs have filed claims to accept and manage the estate of businessman Temur Ugulava, according to a notarial document issued after his death. The updated extract of one of Ugulava’s companies shows that his children were registered as managers of his share on September 17, although similar changes have not yet appeared in the registry extract of the main holding company of Adjara Group.
According to the documents, a notarial act concerning the management of the estate was issued on July 14, 2026. The applications were submitted by Gega, Nutsa, Sandro, Nodar, Teimuraz, Tokio Margo and Luka Ugulava, identified as Ugulava’s children and first-order legal heirs. In the case of three minor heirs, applications were filed by their legal representatives, while one application was submitted by a support person.
The heirs are authorized to jointly manage the estate until an inheritance certificate is issued. Their powers include managing assets and liabilities, maintaining property, meeting financial obligations and collecting amounts owed to the estate. They may also exercise Ugulava’s rights arising from his business activities, including rights as a beneficiary owner, partner or member of companies, and participate in corporate management matters. These powers do not generally include the right to dispose of estate assets, except where permitted by law or relevant documents.
The notarial document states that all income and benefits generated through management of the estate belong to the estate itself and sets out the heirs’ obligations regarding good-faith management and reporting. Meanwhile, Adjara Group’s asset management company recently sold a 24,000-square-meter property in Tbilisi’s Mukhiani district, known as Radio City, to a company owned by Bera Ivanishvili. The purchase price was not disclosed in the business registry documents.
