Ex-Investment Fund Chief Accuses Ivanishvili of Political Vendetta in Court
By Liza Mchedlidze
Friday, January 24, 2025
On January 23, Tbilisi City Court held the trial of Giorgi Bachiashvili, the former head of Bidzina Ivanishvili's co-investment fund, who faces charges of misappropriating cryptocurrency and laundering illegal income. During the hearing, Bachiashvili alleged that Ivanishvili had sent a mediator with a letter demanding monthly payments in cryptocurrency in exchange for halting his criminal prosecution.
Bachiashvili, who could face 9 to 12 years in prison if convicted, claimed the charges against him were politically motivated. Speaking to journalists before the trial, he declared the proceedings to be "Ivanishvili's personal process," accusing the Georgian Dream founder of acting as the complainant, prosecutor, and judge.
In court, Bachiashvili vowed to fight the case in both Georgian and international courts, pledging accountability for those he described as enforcers of an oppressive regime. He requested the removal of asset freezes and restrictions, which he said hinder his ability to manage his property. "I stand here as a completely innocent person. I should not be in this courtroom, just like many other young people unjustly targeted under this regime," he told the court.
Bachiashvili also accused Ivanishvili of evading court appearances in various cases, citing instances where medical certificates were allegedly used to avoid travel to hearings. "I am waiting for the day Ivanishvili appears in court. During his presence, I will prove that all of this is his fabrication," he stated, promising to publish the letter detailing the alleged extortion.
Prosecutor Mikheil Sadradze announced that evidence examination would begin on January 24, with key witnesses expected to testify. However, Sadradze did not confirm whether Ivanishvili would appear in court.
The case against Bachiashvili dates back to October 2023, when he was accused of embezzling over 8,000 bitcoins worth $39.2 million in 2017 from Ivanishvili and laundering the proceeds. Bachiashvili was released on bail for 2.5 million GEL and barred from leaving Georgia without notifying authorities.
In a recent interview with TV Formula, Bachiashvili mocked Georgian Dream's claims of a "deep state," asserting that he witnessed the narrative being fabricated. He also addressed Ivanishvili's financial maneuvers following U.S. sanctions, warning that continued misconduct could result in catastrophic consequences.
