Court grants 2,5 mln GEL-bail to ex-Co-Investment Fund head

21:22, 06.07.2023

The court granted bail in the sum of 2,500,000 GEL to Giorgi Bachiashvili, the former head of the Georgian Co-Investment Fund, for misappropriation of a “large amount’ of cryptocurrency and money laundering. Defendant has 30 days to pay.

The accused, who attended today’s session, stated that he did not plead guilty.

A foreign entity provided mining services to a Bachiashvili-owned company under a one-year contract for $6.3 million, which included a $5 million investment and a $1.33 million from Bachiashvili.

The scheme produced 24,661.85 bitcoins over the course of a year, resulting in a profit of 8,253.13 bitcoins, which the accused took in 2017, with just $536,900 remitted to the investor as their share of the profit. The amount of appropriated bitcoins hit over $39 million, the POG explained.

Bachiashvili is facing between nine and 12 years in prison if found guilty.

By - Marika Kartozia

Politics

Georgian Co-Investment Fund

Giorgi Bachiashvili