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Management and Associates

Iveri Kutsnashvili

General Director and partner


Served as a supervisory board member of Tbilgazi, Tbilisi gas distribution utility, General director of Elit invest – investment management company and director of GeoEngineering, Georgia’s prime engineering company.

Business development and entrepreneurial experience includes key roles played in retail, engineering and procurement start-ups development into market leaders within 2-3 years from the companies' establishment.

Management track comprises company turnaround, structure, staff, strategy, systems development and various projects managements in various industries' companies.




  • Graduated Case Western Reserve University, Weatherhead School of Management, MBA, 2000 (Cleveland, USA), awarded two International scholarships

  • Tbilsi State University, Physics Faculty, MSc, 1993 (Tbilisi, Georgia)












Mr. Kipiani is a partner of GF Capital and Mgaloblishvili, Kipiani, Dzidziguri (MKD), a leading and one of the best known law firms in Georgia, whose legal practices are concentrated on business and contract law, project finance, capital markets, banking, energy, mineral resources, telecommunications and corporate law. He also pursues his activities in comparative legal studies and public law.

Victor Kipiani has been recommended as a leading private legal practitioner for Georgia by all major international directories or publications, including IFLR, Chambers Global, Chambers Europe, Who’s Who Legal, The Legal 500. 

He is also a member of the Commercial Law Advisory Council, which serves as a sounding board to coordinate legal and educational reform, promote ethical and professional conduct, and encourage practical legal education and professional continued legal edication geared toward commercial lawyers. 



  • Washington International University, PHD in BA, 2001, US

  • Exeter University, UK, EU Law, LLM, 1996

  • Tbilisi State University, Georgia, Tbilisi, Honors Diploma in Law

Victor Kipiani
David Dzidziguri



Mr. Dzidziguri is a partner of GF Capital and MKD law, a leading and one of the best known law firms in Georgia, whose legal practices are concentrated on commercial and contract law. He also pursues his activities in banking and corporate law.




  • Tbilisi State University,  Georgia , TbilisiPostgraduate  Studies   in  Civil Law, Civil Procedural Law and Corporate Law, 1998

  • Tbilisi  State  University,  Georgia , TbilisiHonors Diploma in Law, 1993

George McGurn

Senior Advisor


George McGurn is an internationally recognized Professor of Management and innovative entrepreneur in transitional economies. Over the last thirty years he has established an international reputation for his professional commitment and contributions to advance research, his teaching and public management expertise at universities and major development organizations, and his role in conflict resolution. In short he is a hands-on strategic thinker and leader.

Many of McGurn’s professional activities emphasize public management reform; global political, social and security development; the creation of public/private partnerships; and financial management and budget reform. Among McGurn’s primary professional goals has been the identification, education and mentoring of local and international leaders from the public and private sectors.

The impacts from the local, national and international projects McGurn has led or contributed to are extensive. His ability to combine intellectual insight with practical expertise in the executive education programs he has designed and delivered is internationally recognized. These projects and programs define McGurn’s singular commitment to the creation of stable, effective and innovative governance strategies during periods of economic, financial and political challenge.

Nugzar Dvali




Mr. Dvali is GF-Capital associate with extensive experience in real estate appraisal, investment, financial analysis, project development and management.




  • Free University of Tbilisi (ESM), Georgia, Tbilisi

CBA programm, 2010

  • Tbilisi  State  University,  Georgia , TbilisiHonors Diploma in Economics, 1993

  • International Real Property foundation and Polish Federation of Valuators associations

Certificate: course of seminars regarding real estate appraisal, 2003

  • Ministry of foreign affairs of Egypt,Cairo, Egypt

Certificate: Series of Courses in Enterprise Privatization, Restructuring, Appraisal, 1999

  • Conrad Adenauer Foundation, Istanbul, Turkey

Seminar on Economic Reforms and Development Tendencies, 1998

  • Colorado University, Bolder USA.

Certificate: Series of Courses in Macro and Micro Economics, 1995

Nino Vadachkoria

Business Consultant and Marketing Manager


Key Responsibilities include:


  • Develop company packages and relevant services for Golden Fleece Capital;

  • Manage negotiations and contracts;

  • Organize sales promotional activities;

  • Responsible for the implementation of marketing and PR activities;

  • Manage and organize successful attendance at relevant trade shows and events in order to gather new leads;

  • Ensure that all communications with customers are handled within the required time frame and to the company standard;

  • Identify research and develop new clients in the local market;

  • Ensure that all corporate contracts, billings, etc. are processed accurately;




  • International Black Sea University (IBSU), Georgia, Tbilisi – Business Administration (Bachelor’s Degree)

  • Certificate in Marketing & Selling Consulting Services held by European Bank for Reconstruction and Development – EBRD

  • Certificate in business consulting held by Global Business Development Center (GBDC)

  • Certificate in Firs International Black Sea University Session, European Youth Parliament










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