The Tbilisi Court of Appeal has upheld the conviction of former Co-Investment Fund director Giorgi Bachiashvili, dismissing his recent appeal.

The decision was rendered by a panel of judges led by Lasha Tavartkiladze.

Bachiashvili and his legal team had challenged the verdict issued by the City Court, which ordered him to pay Bidzina Ivanishvili approximately 9,000 bitcoins. At the time, the City Court fully granted Ivanishvili’s claim.

According to Ivanishvili’s lawyer, should Bachiashvili fail to locate the specified bitcoins, his personal assets will be sold based on the bitcoins’ value at the time of the court’s ruling.

During the trial, Bachiashvili claimed he was the victim of political persecution.

For your information, the court found Bachiashvili guilty of misappropriating Bidzina Ivanishvili’s cryptocurrency and sentenced him to 11 years’ imprisonment. The judge convicted Bachiashvili on both counts, misappropriation of a substantial sum and illicit income laundering.