Former Co-Investment Fund Head released following plea deal

Former head of the Co-Investment Fund Giorgi Bachiashvili has been released from custody, his lawyer said on Wednesday.

According to the defence, Bachiashvili left the Gldani penitentiary facility earlier in the day.

The Prosecutor’s Office said Bachiashvili fully admitted guilt, co-operated with the investigation and compensated the damages, after which a plea agreement was concluded providing for a fine and a suspended sentence.

Bachiashvili had previously been sentenced to 11 years in prison. He was found guilty of large-scale embezzlement as well as money laundering.

In the embezzlement case, he had been sentenced to 10 years’ imprisonment, while the money laundering charge carried an 11-year sentence, which was set as the final punishment.

In addition, Bachiashvili had also been remanded in custody in a separate case concerning the illegal crossing of the state border.