UNM’s Bokuchava: London’s latest decision shows Ivanishvili has no prospect of receiving $607 mln

The chair of the United National Movement, Tina Bokuchava, has claimed during a briefing that the recent decision in London confirmed that Bidzina Ivanishvili had “no illusion left” about receiving USD 607 million, a sum he has sought through international litigation.

Bokuchava on Monday said on 29 February 2024, the Supreme Court of Bermuda refused Ivanishvili’s request to obtain USD 607 million prior to the final judgment. She noted that the court required a bank guarantee from a Western financial institution, which Ivanishvili “failed to secure.”

“Why did the court refuse? Because the Bermuda court demanded a bank guarantee from a Western bank, and Ivanishvili was unable to obtain such a guarantee. Why? Because at that time, on 29 February 2024, the court was considering potential sanctions against Ivanishvili, making him an unreliable figure for Western financial institutions,” Bokuchava said.

She added that the Bermuda court gave legal weight to assessments by the European Parliament, the European Commission, the US State Department, and other international bodies, which criticized Ivanishvili’s political influence.

Bokuchava also recalled the recent decision by the US Treasury Department, which sanctioned Ivanishvili under OFAC authorities for “undermining Georgia’s Euro-Atlantic path” and acting “in Russia’s interests.” Under that decision, she said, Ivanishvili was denied access to USD 461 million, which had previously been awarded to him by a Singapore court.

“In light of this, and given London’s decision yesterday, Ivanishvili has no expectation of receiving the USD 607 million - and his lawyer’s comments clearly reflect this,” Bokuchava added.