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Former Head of Co-Investment Fund Accused of Embezzling $39 Million Worth of Bitcoin

Georgian prosecutors have filed charges against Giorgi Bachiashvili, the former head of the Bidzina Ivanishvili’s Co-Investment Fund, for embezzling a significant amount of cryptocurrency and legalizing illegal income. Bachiashvili is accused of embezzling 8 253.13 bitcoins in 2017 worth $39,215,820 at the time (over $200 million in the current exchange rate) from Bidzina Ivanishvi, Judge Tamar Mchedlishvili announced this during the reading of the protocol at the Tbilisi City Court, according to local news agency Interpressnews.

Prosecutor alleges Bachiashvili used misappropriated assets, including transferring, converting, purchasing, and acquiring properties, to launder cryptocurrency and money.

In response to the filing of criminal charges, George Bachiashvili’s legal team at Amsterdam & Partners LLP issued a press release denouncing the case as frivolous and politically motivated. “It is our clear understanding that the origin of these charges is not rooted in any factual findings or serious investigation, but instead, the charges appear to be the result of a weaponized prosecution,” said Robert Amsterdam, founding partner of Amsterdam & Partners LLP.

During a court session, Bachiashvili declared his innocence and pleaded not guilty. The court granted him bail in the amount of GEL 2,500,000, to be paid within 30 days. However, he is prohibited from leaving the country until the investigation is completed and must surrender his Georgian and Russian passports to the investigating authorities.

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This post is also available in: ქართული (Georgian) Русский (Russian)

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