
Ivanishvili’s Former Investment Fund Manager Claims Political Persecution in Court
On January 23, Tbilisi City Court held the trial of Giorgi Bachiashvili, the former head of Bidzina Ivanishvili’s co-investment fund. During a court hearing, Bachiashvili alleged that Ivanishvili had sent a mediator to deliver a letter demanding monthly payments in cryptocurrency in exchange for the end of the criminal prosecution. The Court hearing continued on January 24 where Teimuraz Tsikvadze, an advocate of Ivanishvili was questioned.
The case against Bachiashvili involves charges of misappropriating a large amount of cryptocurrency and laundering illegal income, carrying a potential sentence of 9 to 12 years in prison. He said that the ongoing legal proceedings against him are “politically motivated and are a direct extortion.”
Prior to the hearing, Bachiashvili said to the journalists that “today begins Ivanishvili’s personal process. This is the process where Ivanishvili personally is the complainant, the prosecutor, and the judge.”
During his speech in court, Bachiashvili said “This government will fall just like the previous two. And I promise, on behalf of every innocent prisoner, that I will see this fight through to the end in Georgian courts and international courts. I will do everything to ensure that every executioner of this regime is held accountable.” Bachiashvili also asked Judge Giorgi Gelashvili for the removal of restrictions and asset freezes, stating that he cannot manage his property under the current measures.
He expressed confidence that the extortion allegations and criminal prosecution wider efforts to stifle political dissent. “Your Honor, today I stand before you as a completely innocent person. I should not be in this courtroom at all, just like many other young people who should not be here today. Unfortunately, under this regime, they are forced to sit in these seats.”
He also criticized Ivanishvili for allegedly avoiding court appearances in multiple cases, including in international courts. “I am waiting for the moment when Ivanishvili will appear in this building. During his personal presence here, I will prove that all of this is his fabrication. But Ivanishvili is afraid to testify as a witness in any court. I have personal experience with this. Whether in the Bermuda court or the Singapore court, he did everything possible to get doctors to issue a certificate claiming he was unable to fly, even though I have flown with him to Switzerland myself on several times.”
In addition, Bachiashvili stated that he is certain, “the prosecutor and Ivanishvili will exert all kinds of pressure on the court to prevent him from appearing at the session,” and the Court will do nothing about it. He announced that he plans to publish the letter soon by which all the details will be clear to the public.
Prosecutor Mikheil Sadradze stated that evidence examination would begin in court on January 24, emphasizing that “everyone who has essential information will be questioned.” However, while asked about Ivanishvili, Sadradze did not confirm whether he would testify in court.
In October 2023, Georgian prosecutors filed charges against Bachiashvili, 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 from Bidzina Ivanishvili. Later, Bachiashvili was required to pay 2.5 million GEL in bail and prohibited from leaving the country without informing the prosecution.
In an interview with TV Formula the day before the hearing, Bachiashvili criticized the GD’s controversy about the “deep state”. He said that this narrative “makes him laugh the most”, as he witnessed it being invented “right in front of him”. He also addressed Ivanishvili’s financial moves following US sanctions. “When the sanctions came from the United States, it was unexpected for him. Although financially it wasn’t too heavy if he continued these criminal actions against Georgian people, he would face serious sanctions, which would be catastrophic [for him],” Bachiashvili said.
On the following day of the hearing, Teimuraz Tsikvadze, the attorney of Bidzina Ivanishvili, commented with the journalists on Bachiashvili’s alleged threatening letter. Tsikvadze explained that “this was a proposal that was personally sent from my phone to his representative via WhatsApp, and no one was surprised.” “I cannot call this a threatening letter. This was an ordinary negotiation, it was aimed at the possibility of reconciliation between the parties,” he maintained.
During the hearing on January 24 Tsikvadze explained that Ivanishvili initially invested in Mission Gate, believing the funds were properly reflected in the account. Bachiashvili later informed Ivanishvili about the instability of the cryptocurrency. In Tsikvadze’s words, while Ivanishvili quickly sold the mined bitcoins, Tsikvadze stated that they still don’t know the exact details – such as the number of bitcoins mined, the amount needed to cover the credit or the remaining funds.
Speaking to journalists, he added that Ivanishvili would be called as a witness and “you will see soon what format this will take.”
The news was updated on January 24, 3:29 p.m., to include January 24th court hearing details and Tsikvadze’s comments to journalists.
Also Read:
- 26/10/2024 – Interview with Giorgi Bachiashvili, Former Head of Ivanishvili’s Co-Investment Fund
- 07/07/2023 – Former Head of Co-Investment Fund Accused of Embezzling $39 Million Worth of Bitcoin
This post is also available in: ქართული (Georgian) Русский (Russian)