Georgian billionaire’s legal team denounces charges as unsubstantiated and politically motivated Georgian billionaire’s legal team denounces charges as unsubstantiated and politically motivated
George Bachiashvili faces 9 to 12 years in prison if convicted, but his legal team has dismissed the charges against him as "absurd."
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Updated: Jul. 10, 2023 at 5:39 pm UTC
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Following last week’s charges against George Bachiashvili, the Georgian billionaire’s legal defense team has denounced the allegations of misappropriation of funds and money laundering against him as “absurd.”
According to a statement from Amsterdam & Partners LLP, the international counsel representing Bachiashvili, the charges are politically motivated and lack any substantive evidence.
As reported by Georgian news outlet Agenda, Bachiashvili, the founder of the Georgian Co-Investment Fund, was charged for reportedly misappropriating a significant amount of cryptocurrency, primarily Bitcoin, dating back to 2015. The Prosecutor’s Office of Georgia alleges that Bachiashvili enriched himself by diverting profits from a Bitcoin mining operation partly funded by an unidentified investor.
However, according to Robert Amsterdam, founding partner of Amsterdam & Partners LLP, “the origin of these charges is not rooted in any factual findings or serious investigation, but instead the charges appear to be the result of a weaponized prosecution.” Amsterdam further claimed that Bachiashvili, a highly accomplished entrepreneur, is being targeted due to his political beliefs and that the charges are an embarrassment to the country.
Bachiashvili is a recognized figure in fintech, blockchain, and other innovative industries. He has founded and backed numerous startups, including Mission Gate, a venture capital firm investing globally in early-stage projects. He also served as the Chairman of the Supervisory Board of the Georgian Stock Exchange since 2014 and previously held positions with Booz & Co, the Abu Dhabi Group, and the Bank of Georgia.
In response to the Prosecutor’s Office charges, Amsterdam & Partners LLP declared their intent to defend Bachiashvili’s rights and innocence aggressively. “We intend to vindicate our client through all available measures both domestically, with our co-counsel in Georgia, and internationally,” Amsterdam stated.
The allegations against Bachiashvili are serious. As reported by Agenda, if found guilty the Georgian entrepreneur could face between nine and 12 years in prison.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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