Georgia’s State Audit Office has identified financial, staffing and procurement irregularities at the Asset Management and Development Company, a subsidiary of the National Agency of State Property under the Economy Ministry. The company’s director employed 10 advisers in 2023 and nine in 2024, who received a combined GEL 913,252. Employment contracts did not clearly define their duties, and the company could not provide evidence of their work. The audit findings have been referred to the Prosecutor’s Office for examination.
The audit found that 23 employees spent a combined 662 working days abroad in 2023–2024 without formally approved leave or business trips, receiving GEL 69,160 in compensation. Meanwhile, employees received GEL 1.59 million in bonuses over the two years, including GEL 1.17 million for supposedly exceptional contributions without documented justification or clear criteria. The audit also identified 34 employees who received salaries from other organizations despite being employed on a full-time basis.
Despite generating GEL 19.73 million in revenue from state asset rentals, privatizations and bank deposit interest, the company recorded combined losses of GEL 17.03 million in 2023–2024. It also had overdue receivables exceeding GEL 1.68 million. Loans issued to subsidiaries totaled GEL 7.49 million, including GEL 5.09 million in outstanding principal and GEL 1.59 million in accrued interest owed by the National Center for High Technologies of Georgia.
Procurement and asset management also raised concerns. The audit found that a tender for GEL 20.97 million in rehabilitation works at Kutaisi’s former Parliament complex included an allegedly restrictive experience requirement, while the contractor was overpaid GEL 1.26 million. Technical supervision was contracted outside a tender, with monthly compensation of GEL 25,510. The company also maintained six more vehicles than permitted under government norms, resulting in at least GEL 72,436 in inefficient fuel spending over two years. Its assets are valued at GEL 269 million, including properties in Tbilisi and Batumi.
