Georgia’s Prosecutor General’s Office has launched an investigation into the alleged illegal involvement of National Bank of Georgia (NBG) Board Member Nana Keinishvili in business activities. According to her 2025 asset declaration, Keinishvili owns stakes in several companies, including 100% shares in three businesses. The declaration also lists her real estate holdings, bank balances, a loan and other financial transactions.
Real Estate
According to the declaration, Keinishvili owns real estate in Tbilisi, Akhmeta District and Gardabani Municipality.
She owns a 14,760-square-meter plot of land in the village of Vedzebi, Akhmeta District, which she purchased in October 2023 for GEL 1,500. She also owns a 50% share in an 82-square-meter apartment in Tbilisi’s Didi Dighomi district, which was privatized in 1995.
In addition, Kvinishvili owns a 25% share in a 212-square-meter apartment on Tsurtsumelia (Khutsishvili) Street and a 50% share in a 1,500-square-meter plot of land in the village of Betania, Gardabani Municipality.
Company Stakes
The declaration shows that Keinishvili holds stakes in several companies. She owns 100% of LLC Daniel 2022, LLC Green Energy Group and LLC Sadmeli HPP. She also holds a 30% stake in LLC United Power Energy, a 1% stake in LLC Natmetal and a 50% stake in LLC Davinana.
According to the declaration, the income received from the listed companies was zero. The document states that management rights over the company stakes have been delegated to Natia Loladze.
The alleged involvement in business activities is the basis for the prosecutor’s investigation. According to the Prosecutor General’s Office, complaints submitted to the National Bank by representatives of LLC BitExchange, together with audio recordings attached to them, allege that Keinishvili is engaged in business activities and directly controls a network of entities regulated by the National Bank, whose ownership stakes are registered in the names of her family members and affiliated individuals.
The complainants further allege that Keinishvili attempted to acquire a stake in one of the entities regulated by the National Bank in order to expand her business interests. These allegations are to be examined as part of the investigation.
Bank Accounts and Income
According to the asset declaration filed in 2025, which covers assets held in 2025 and income received in 2024, Keinishvili’s annual employment income after income tax amounted to GEL 165,964.80.
At TBC Bank, she held GEL 30,085.89 in a savings account and GEL 9,988.84 in a salary account. The declaration also lists EUR 3,312.34, USD 2,887.42 and GBP 0.82, as well as an additional EUR 1,577.07 in a savings account.
The declaration also records balances held at other banks, although the available figures do not establish a combined total across all accounts. No cash holdings exceeding GEL 10,000, high-value movable property or securities are listed in the document.
USD 600,000 Loan and Other Financial Transactions
According to the declaration, Keinishvili took out a USD 600,000 loan on February 4, 2023, with repayment scheduled for 2033. The document records an outflow of USD 235,000 in 2024 in connection with this obligation.
On March 26, 2024, she also lent USD 50,000 under an oral agreement.
Other financial transactions listed in the declaration include outflows of GEL 781,136 and USD 210,520 as contributions to a company. Her personal expenses, including medical treatment and travel, amounted to GEL 88,101.
The income section also records a transfer of USD 137,225 resulting from currency conversion. According to the declaration’s explanation, driver Zurab Abkhazov transferred the money to her account to assist with converting funds belonging to her.
What Is the Prosecutor’s Office Investigating?
The Prosecutor General’s Office says the investigation was launched based on materials forwarded by the National Bank. The case falls under Article 337 of Georgia’s Criminal Code, which concerns the unlawful participation of a public official or an equivalent person in business activities.
The Prosecutor’s Office explains that Georgia’s Law on the Fight Against Corruption prohibits public officials from engaging in business activities. In addition, under the Organic Law on the National Bank of Georgia, members of the NBG Board and their family members are prohibited from being partners in a financial-sector entity or a legal entity affiliated with it.
The National Bank has announced that Keinishvili will be temporarily excluded from NBG Board meetings while the investigation is ongoing. The regulator says the circumstances surrounding the alleged unlawful participation will be examined and that further information will be provided to the public as the case progresses.
LLC BitExchange, which is mentioned in the case, is a provider of crypto services. Founded in 2020, the company is wholly owned by businessman Davit Orjonikidze.
Keinishvili has served as a member of the National Bank’s Board since September 2023, under a seven-year mandate that runs until September 2030.
From 2012 to 2016, she was a member of Georgia’s eighth Parliament, serving as deputy chair of the Finance and Budget Committee and deputy chair of the Committee on Diaspora and Caucasus Issues. From 2001 to 2012, she served as president of the Georgian Red Cross Society. Between 2017 and 2023, she worked as a founder and director of various companies.
