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About Us

Ekaterine Ghazadze

Ekaterine Ghazadze

Deputy Auditor General

Date of Birth: 13.02.1979

Tel: +995/32/243 81 06

Fax: +995/32/243 81 06

E-mail: eghazadze@sao.ge

Professional Experience:

 State Audit Office of Georgia    

  • Since 2017 October to present  - Deputy Auditor General  

Georgian Stock Exchange (GSE), 
Georgian Central Securities Depository, Share Registrar “Kavkasreestri”

  • May - September 2017 – Chief Financial Officer and Chief Operating Officer

• Budget planning, forecasting and analysis for all three companies
• Cooperation with the Service for Accounting, Reporting and Auditing Supervision of Georgia (SARAS) on elaboration of financial reporting forms and their convergence with the reporting forms of the GSE
• Cooperation with the SARAS on elaboration of Corporate Governance and Management Report guidance
• Participation in elaboration of operational procedure manuals for all three companies
• Integration of financial reporting formats for securities issuers into the new GSE website
• Drafting of data vendor and other agreements
• Participation in development of framework for GSE new trading system and GSE Stock Index

Georgian Stock Exchange

  • Feb 2017 – May 2017 - Consultant

• Developed standardized forms for submitting financial information to GSE by securities issuers in 12 economic sectors
• Completed reporting consultations with 24 key sector players

DCFTA External Communication Strategy (GE16)

  • Mar 2016 – Nov 2016 - Investment Expert

The project supported the government of Georgia in elaboraation of DCFTA external communication strategy aimed at attracting new export-oriented investments. The project was conducted under the framework of the UK “Good Governance Fund – DFID”.
• Worked with different government institutions on mapping of existing investment promotion and DCFTA promotion activities in Georgia
• Performed investment analysis of over 20 products and countries which hold a significant DCFTA potential
• Held discussions with the government of Georgia on identified focus products, sectors and countries
• Together with the Project Team, developed the recommended strategic approach to communication of DCFTA advantages to external investors including Implementation Manual, Budget and the Action Plan

Tbilisi Silk Road Forum, Georgia

  • Jun 2015 –Dec 2015 - Project Coordinator, Consultant, Asian Development Bank

The Forum aimed at facilitating regional cooperation and trade, enhancing foreign investment and business to business contacts. The Forum was organized by the government of Georgia, the Asian Development Bank and the Government of China.
• Elaborated the Forum budget
• Oversaw the procurement and logistics officer
• Supervised the event manager and web developer
• Identified and invited high-level speakers and moderators
• Oversaw the overall set up of the Forum

JSC Bank of Georgia (later JSC Galt &Taggart), Georgia

  • May 2012 -Feb 2015 - Head of Research Department

• Launched research department at the Bank of Georgia and managed the team of six analysts
• Initiated coverage on following sectors: energy, tourism, commercial real estate, agriculture, wine, macro economy of Georgia (subsequently taken over by the economist for Georgia)
• Supervised the initiation of research coverage on Azerbaijan economy
• Initiated coverage on two quasi-sovereign Eurobond issuers: GOGC and Georgian Railway
• Prepared Supervisory Board and management presentations as required
• Organized and managed the first Galt &Taggart Investor Conference in September 2014
• Communicated with existing and prospective investors as required

Renaissance Capital

  • Vice President, Metals and Mining 2009-2011 (Kazakhstan)
  • Vice President, Real Estate and Indices 2011-2012 (UK)
  • Dec 2009-Apr 2012

• Issued research reports on companies in metals and mining and real estate sectors including ENRC and Kazakhmys (one of the largest ferrochrome and copper producers in FTSE 100)
• Participated in marketing roadshows in Asia, Europe and USA and provided insight on other metals and mining companies in the region, including Centerra Gold, KazakhGold, Uranium One and Kazatomprom
• Re-launched the coverage of RENCASIA index which included the largest Kazakhstan originated companies. Issued monthly updated and reports
• Provided real-time interpretation of market, commodities and company specific events and news
• Responded to investor and sales desk inquiries, held meetings and discussions with companies and investors
• Organized investor meetings with respective companies and government officials in Kazakhstan

Da Vinci Capital Management and ORIS Consortium (Private Equity Fund)

  • May 2009- Dec 2009 - Senior Analyst for Central Asia based in Kazakhstan 

• Performed screening of prospective investment projects and related sector analysis
• Participated in designing of deal structures
• Structured and designed the fundraising presentations
• Interacted with external sell-side consultants and investors as required

Renaissance Capital (Kazakhstan)

  • Sep 2007-Feb 2009 - Equity Research Analyst: Banking, Real Estate, Transport

• Researched companies and industries, performed valuation analysis
• Contributed to company and industry related research reports (real estate, construction, telecommunications, transport and infrastructure, banking etc.)
• Provided real-time interpretation of market news and events
• Provided specific stock related advice, responded to investor inquiries
• Participated in investor conferences and roadshows

European Bank for Reconstruction and Development (UK)

  • 2006-2007 - Associate Banker

• Completed nine month high-potential rotation program at the headquarters of EBRD in London; worked on transport and infrastructure projects in Azerbaijan, Georgia, Albania and Hungary
• Originated a pipeline of 3 equity projects in general industry and 1 project in infrastructure
• Co-Managed a cross-functional and multi-national team of five which negotiated and signed USD 27 million transport concession in Georgia
• Prepared up to 10 project approval documents and participated in negotiation of covenants of 4 loan agreements with the clients and the Government of Georgia

European Bank for Reconstruction and Development (Georgia)

  • 2002-2006 - Financial Analyst

• Provided industry, market and financial analysis on 7 prospective projects, monitored performance of 10 existing projects in financial, transport, infrastructure and energy sectors
• Drafted project approval documents for the entire project cycle; from initiation to funding
• Performed financial due diligence and market due diligence on banks and companies in transport, infrastructure, energy generation and general industries (reviewed loan portfolios, financial statements and ratios, audit reports, marketing and business plans)
• Reviewed regular reporting and covenant compliance by borrowers and prepared quarterly assessment reports
• Prepared 5 technical cooperation projects for approval by internal committees and donors

International Monetary Fund (Georgia)

  • 2001-2002 - Assistant to IMF Advisor to the Ministry of Finance of Georgia

• Assisted in elaboration of manuals on new expenditure, tax refund and single revenue accounts

State Department for Statistics of Georgia (Georgia)

  • 2000-2001 - Acting Head, Balance of Payments Division

• Supervised the division of 7 people; coordinated the compilation of balance of payments and trade statistics of Georgia
• Prepared periodic reports for the management and the Parliament of Georgia


  • 2006 - 2007 -Cass Business School, City University of London - MSc in Investment Management (Scholarship from British Petroleum/British Council)

    Core modules: Portfolio Analysis and Management, Equity Analysis and Valuation, Fixed Income Analysis, Derivative Application, Alternative Investments, FX Management, Econometrics. Electives: Real Estate Market Analysis, Credit Risk Management

  • 2001 - 2003 - Technical University of Georgia - Master of International Economic Relations

    Core subjects: Economics, International Economic Relations


Language Skills

  • Georgian
  • Russian
  • English 




  • Project Finance,
  • Equity Investment,
  • Credit Analysis,
  • Analyzing Banks,
  • Financial Modeling,
  • Accounting,
  • Negotiation Skills,
  • Presentation
  • Skills, etc.