Belarusian Investigative Center (BIC) released a report stating that following Alexander Lukashenko's visit to separatist Abkhazia in 2022, the parties exchanged statements of intent to develop cooperation. However, the details of these plans were not disclosed.

An important decision by the de facto Cabinet of Ministers of the separatist Abkhazia followed. On September 29, 2022, the day after Lukashenko's trip, the Prime Minister of the unrecognized republic approved a proposal to transfer a 20-hectare coastal land plot to Zhemchuzhina 2010 LLC.

A month later, Abkhaz television aired a story on the allocation of these 20 hectares of land for the implementation of a large investment project. According to the story, a health resort complex was to be built in the village of Kyndyg in the Ochamchira district.

"The planned investment volume is 15 billion rubles. Zhemchuzhina 2010 LLC is registered in Abkhazia and is 90% owned by a citizen of Belarus and 10% by a citizen of Abkhazia,” the article said.

Fifteen billion Russian rubles (almost $260 million at the exchange rate on September 29, 2022) is more than the annual budget of the entire Abkhazia. In 2022, its expenditure amounted to about 13.3 billion Russian rubles. For comparison, China gave Belarus a loan of $100 million less for the construction of the BelGee automobile plant in 2015.

The BIC uncovered the ownership structure of Zhemchuzhina 2010. An extract from the Unified State Register of Legal Entities of Abkhazia indicates two owners: the Belarusian company Termalia and an Abkhaz citizen, Kvitsinia Dato Raulievich.

Termalia LLC was registered in Minsk on July 22, 2022, two months before Lukashenko's visit to Abkhazia. Its director and sole owner is Aleksandr Anatolyevich Romanovsky, a former employee of Alexander Lukashenko's security service.

In a previous investigation, the BIC found that Romanovsky was a co-owner of Globalcast LLC. This company is associated with Viktor Sheiman, a close associate and former head of Lukashenko's Property Management Department.

There is virtually no information in open sources about Dato Kvitsinia, the second owner of Zhemchuzhina 2010. The only reference found was an arrest for drunk driving in 2017. This lack of public presence has led to speculation that Kvitsinia may be a nominal owner of the company, representing the interests of other parties.

During discussions about the land allocation in October 2022, members of the Abkhazian parliament warned that if construction did not begin within three years, the land could be reclaimed from the investor. However, two years after the transfer of the land to Zhemchuzhina 2010, construction of the resort complex has not yet begun. Satellite images taken at the end of August 2024 show that the area remains undeveloped.

The project could be considered as having started even if only minimal activity, such as erecting a fence, takes place, according to statements from the Abkhazian Projects company: "No one will demand that a serious hotel be built in three years... There must be some movement, for example, a fence must be built."

As of the time of publication, the intended plans for the land by Sheiman and his associates remain unclear. The fact that they do not appear to be returning the land to the Abkhazian authorities is indirectly indicated by the regular payment of land tax. 

Approximately $4,000 was paid for the first nine months of 2023.

The plot of land itself may be worth millions of dollars. In the area of the village of Kyndyg, land prices vary depending on proximity to the sea. For example, one hectare of land a hundred meters from the water is sold for 31 million Russian rubles (about $320,000). Based on this valuation, an area of 20 hectares could be worth approximately $6.4 million. Given that the plot of "Zhemchuzhina 2010" is directly on the Black Sea coast, its actual value is likely even higher.