A court has ordered Giorgi Bachiashvili, former CEO of the Co-Investment Fund, to return 9,000 bitcoins to Bidzina Ivanishvili.
Ivanishvili’s lawyer, Teimuraz Tsikvadze, says the court fully upheld their claim. He explained that if Bachiashvili fails to return the bitcoins, his personal assets will be sold at the market value of bitcoin at the time of enforcement.
“The court granted our lawsuit in full. The case was reviewed in a simplified procedure, and today’s ruling satisfied all our requests. The court also approved the immediate enforcement of the decision and set a 7-day window for appeal. Since the criminal case confirmed that Bachiashvili had misappropriated nearly 9,000 bitcoins from Mr. Ivanishvili, the court ordered him to return them. If he cannot, he must pay the equivalent amount based on the bitcoin price at the time of enforcement,” Tsikvadze stated.
However, Bachiashvili’s lawyer, Sopo Kurtauli, argued that the court should not have used the simplified procedure. She believes the case should have been heard as a standard civil lawsuit, especially since the appeal deadline for the original verdict has not yet passed. Kurtauli confirmed they plan to appeal the ruling to a higher court.
To note, Giorgi Bachiashvili was previously found guilty of misappropriating cryptocurrency belonging to Bidzina Ivanishvili, the founder of the Georgian Dream party. He was sentenced to 11 years in prison for large-scale misappropriation and money laundering.
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.
Related story: Former Ivanishvili aide Giorgi Bachiashvili leaves Georgia, citing political persecution
