Venture capitalist and Mission Gate founder George Bachiashvili is currently at risk of imprisonment in Georgia after a court revoked his bail. The legal dispute revolves around allegations that he misused investment funds connected to former Georgian Prime Minister Bidzina Ivanishvili.
Initially, Bachiashvili was granted bail in the amount of 2.5 million GEL ($900,000). However, reports from the Ministry of Internal Affairs indicate that he violated the conditions of his bail by traveling to Armenia on March 2. In response, Judge Giorgi Gelashvili ruled in favor of the prosecution’s request for stricter detention, considering Bachiashvili’s actions as sufficient grounds for imprisonment.
The situation has become more complex, as Georgian media suggests that Bachiashvili has since relocated to a different country. When approached by Reuters, he declined to disclose his current whereabouts.
At the center of the accusations is an investment in Bitcoin mining between 2015 and 2017. Bachiashvili had obtained a $5 million loan guaranteed by Ivanishvili’s assets and used the funds for mining operations through Bitfury. Although the loan was repaid in 2016, Ivanishvili argues that Bachiashvili concealed the full extent of the profits, which reportedly included 8,253.13 BTC. The transfer of $536,900 in proceeds to a bank director has also come under scrutiny.
Bachiashvili is facing charges of embezzlement and money laundering under Georgian law. He maintains that the accusations are baseless. Transparency International has expressed concerns about the case, suggesting that it serves private financial interests rather than the pursuit of justice. The evidence primarily consists of financial records and a recorded phone conversation in which Ivanishvili is heard advising Bachiashvili on securing the loan.
Bachiashvili’s legal defense, led by Amsterdam & Partners, argues that the case is politically motivated. Bachiashvili himself claims that his vocal support for Ukraine in its conflict with Russia has put him at odds with Ivanishvili, who is known for his pro-Russian stance. If convicted, Bachiashvili could face a potential prison sentence of up to 12 years.