Giorgi Bachiashvili, the former head of the Co-Investment Fund and one-time personal financier of Bidzina Ivanishvili, has been released from prison after serving part of his sentence, following what prosecutors describe as full admission of guilt and cooperation with the investigation.
The news was first reported by TV Pirveli and Formula TV, and was later confirmed to Radio Free Europe/Radio Liberty by Georgia’s Prosecutor’s Office.
Prosecutor’s Office says Bachiashvili fully admitted all charges brought against him, cooperated with investigators, and compensated for the financial damages identified in the case. On that basis, the court granted his release in line with legal provisions allowing for mitigation of punishment in cases of confession, restitution, and cooperation.
Bachiashvili had been sentenced to several years in prison in a case related to financial crimes, which prosecutors said involved large-scale misappropriation and abuse of trust connected to investment activities. The case attracted significant public attention due to Bachiashvili’s former position as head of the Co-Investment Fund — a major investment vehicle established by Ivanishvili — and his reputation as a key financial manager within the billionaire’s business empire.
The Co-Investment Fund, founded in 2013, played a prominent role in attracting foreign capital and investing in large infrastructure, energy, tourism, and real estate projects across Georgia. As its executive head, Bachiashvili was considered one of the country’s most influential financial figures at the time.
However, relations between Bachiashvili and Ivanishvili reportedly deteriorated in recent years, culminating in legal disputes and criminal proceedings. The prosecution alleged that Bachiashvili had caused substantial financial damage through unlawful actions tied to investment management.
Bachiashvili had previously denied wrongdoing during earlier stages of the investigation. His latest decision to admit guilt marks a notable shift in the legal process.
Under Georgian law, full admission of guilt, active cooperation with the investigation, and compensation of damages can serve as mitigating circumstances, potentially reducing or altering a prison sentence. Prosecutors stated that Bachiashvili met all three conditions.
His release comes amid heightened scrutiny of high-profile financial and political cases in Georgia. Given his former proximity to Ivanishvili — founder of the ruling Georgian Dream party and widely regarded as the country’s most influential political figure — the case has carried broader political implications.
Opposition figures have previously framed the proceedings as evidence of internal elite conflicts, while government representatives have maintained that the case is strictly legal and unrelated to politics.
It remains unclear whether Bachiashvili will make further public statements following his release or whether additional civil proceedings may follow. For now, the Prosecutor’s Office considers the matter legally resolved in light of his confession and restitution.
The development closes a chapter in one of Georgia’s most closely watched financial cases, though its political and economic reverberations may continue.
