Bidzina Ivanishvili’s lawyer, Teimuraz Tsikvadze, has released a statement regarding the case of the former head of the Co-Investment Fund, Giorgi Bachiashvili.

In the statement, Tsikvadze clarifies certain circumstances of the case. Tsikvadze explains that Bachiashvili had a close relationship with Bidzina Ivanishvili, employed in his structure for 13 years. In 2015, Bachiashvili approached Ivanishvili with a business proposal involving Bitcoin mining. Ivanishvili agreed to invest $5 million. The investment was made through the Bank Cartu.

Tsikvadze notes that Bachiashvili later expressed concern about the unstable cryptocurrency market and convinced Ivanishvili to sell the earned Bitcoins and return the invested money. In August-September 2016, Bachiashvili returned the $5 million loan from the bank, and approximately one year later, he handed over $536,900, which Bachiashvili claimed remained after selling the earned Bitcoins.

“It was later discovered that Bachiashvili had misled Ivanishvili and misappropriated millions of dollars worth of cryptocurrency. A few years later, after Bachiashvili became involved in the Mtkvari HPP project financed by the Georgian Co-Investment Fund, this project experienced significant delays and cost overruns, leading to doubts about Bachiashvili’s credibility. Additional doubts arose from the significant acquisition of real estate, both in Georgia and potentially abroad, by Bachiashvili and his family members,” the lawyer stated.

The attorney strongly rejects recent claims suggesting a political motivation for Ivanishvili’s legal actions. The attorney asserts that their relationship with Bachiashvili was solely business-related.

The General Prosecutor’s Office of Georgia initiated criminal proceedings against Giorgi Bachiashvili, the former head of the Co-Investment Fund, for the alleged misappropriation of a significant amount of cryptocurrency and the subsequent legalization of illicit proceeds.