Georgia’s National Bank Chair testifies in closed hearing on Ivanishvili’s bitcoin case

Natia Turnava, President of the National Bank of Georgia, is testifying in the case involving Giorgi Bachiashvili, the former head of the Co-Investment Fund, amid allegations of financial misconduct by Bidzina Ivanishvili, the billionaire honorary chair and founder of the ruling Georgian Dream party.

The hearing is being held behind closed doors at the Tbilisi City Court after the prosecution successfully argued to partially restrict public access, citing commercial confidentiality.

A key issue raised by Bachiashvili is whether Turnava possesses any documents that directly or indirectly prove Ivanishvili’s investment involvement. Bachiashvili has challenged Turnava to clarify her stance, questioning whether her conclusions are based on factual evidence or if she is complicit in what he described as “criminal revenge.”

“The main question with her will be whether she has seen any documents that directly or indirectly prove Ivanishvili’s investment, because she has drawn a very serious conclusion,” Bachiashvili stated. “She must explain whether she is an accomplice in extortion and this criminal revenge, or whether she really has any objective information that could be relied on.”

Bachiashvili, who previously led the Co-Investment Fund, is facing accusations from Ivanishvili of misappropriating approximately 8,000 bitcoins and laundering illicit funds. The defense opposed the motion to close the hearing, arguing for transparency in the proceedings, but Judge Giorgi Gelashvili ultimately sided with the prosecution’s request.