Giorgi Bachiashvili, the former CEO of the “Co-Investment Fund,” has been found guilty of misappropriating cryptocurrency belonging to Bidzina Ivanishvili, the founder of “Georgian Dream.” The Tbilisi City Court sentenced him to 11 years in prison.
Judge Giorgi Gelashvili delivered the verdict, convicting Bachiashvili on both charges: misappropriation of a large sum of money and the legalization of illegal income.
For the misappropriation charge, he received a 10-year prison sentence, while for legalizing illegal income, he was sentenced to 11 years. Since the longer sentence prevails, Bachiashvili will serve 11 years in total.
His charges fall under Articles 182-3 “b” and 194-3 “g” of the Georgian Criminal Code, which address the misappropriation of significant financial assets and the legalization of illicitly obtained funds involving large profits.
Bachiashvili faces charges in three separate criminal cases. The court issued a verdict in one case today, while in the other two, he has been placed in pretrial detention in absentia.
In the cryptocurrency case, prosecutors alleged that in 2017, instead of transferring the full investment profit to Bidzina Ivanishvili, Bachiashvili only provided $536,900, unlawfully keeping 8,986 bitcoins for himself. At the time of misappropriation, the bitcoins were valued at approximately $43 million.
Initially, he was released on 2,500,000 GEL bail with additional restrictions. However, his bail was later revoked, and he was placed in pretrial detention. The offense carries a sentence ranging from 9 to 12 years in prison.
Bachiashvili is also accused in the “Mtkvari HPP” case under Article 2201, Part 2 of the Criminal Code, which pertains to the failure or improper execution of duties by an individual with special authority, resulting in serious consequences. This charge carries a potential 2 to 5-year prison sentence. Initially, he was released on 50,000 GEL bail, but the court later replaced it with pretrial detention.
Additionally, he faces charges for the illegal crossing of Georgia’s state border, for which he has also been placed in pretrial detention.
Giorgi Bachiashvili, formerly a close associate and financial advisor to Georgian billionaire and ex-Prime Minister Bidzina Ivanishvili, announced on March 4, that he had left Georgia, citing political persecution and threats to his safety.
Image: 1TV