Ivanishvili’s ex-financer Bachiashvili’s Lawyer claims prosecution Used as ‘punishment tool’ in bitcoin case

The lawyer for Giorgi Bachiashvili, the former head of Georgia’s Co-Investment Fund and personal financier of Bidzina Ivanishvili, the founder and honorary chair of the ruling Georgian Dream party, on Monday claimed prosecutors were using the so-called “Bitcoin case” as a political and economic punishment against his client.

Speaking ahead of Bachiashvili’s appeal hearing in Tbilisi, Davit Jandieri said there was “no legal basis” for the charges, adding that at most they could have been part of a civil dispute. “The Prosecutor’s Office has been used as an instrument of punishment against Giorgi Bachiashvili. This is absolutely clear,” he told reporters.

Jandieri said he expected the Court of Appeal to issue its final ruling later today, as well as decisions on motions previously ruled on by the lower court.

Bachiashvili was sentenced to 11 years in prison by Tbilisi City Court in connection with allegations of embezzling nearly 9,000 bitcoins - worth around $43 million at the time - and laundering the proceeds. The case has been widely referred to in Georgia as the “Bitcoin case” and also involves a civil court order requiring him to return the cryptocurrency to billionaire and former prime minister Ivanishvili, or face asset seizure.

The former financier, once considered a close associate of Ivanishvili, was convicted in absentia in early 2025 after fleeing Georgia, reportedly crossing into Armenia and later being detained abroad before being returned to Tbilisi. His legal team has described the prosecution as politically motivated and his return as a forcible rendition, warning of serious human rights concerns.