The charges

On July 6, 2023, the Prosecutor’s Office of Georgia, under Ivanishvili’s influence, filed politically motivated charges against George Bachiashvili, alleging “misappropriation” and “legalization of illegal income” tied to a cryptocurrency mining investment from 2015. It was soon revealed that Ivanishvili himself was the claimant in this dubious case.

The allegations are not only baseless but rely solely on Ivanishvili’s own testimony, which is further contradicted by the loan agreement cited in the charges. This case is emblematic of a justice system subverted by political machinations. For more insights, see the press coverage and statements from the legal team.

Here are the crucial facts: In 2015, Bachiashvili approached Cartu Bank—beneficially owned by Ivanishvili—to secure a $5 million loan, which he combined with $1.3 million of his own capital to invest in a technology startup. The loan was fully repaid in accordance with the agreement, with Bachiashvili meeting all contractual obligations. At no point did he enter into a partnership with Ivanishvili. Now, years later, with no credible evidence, Ivanishvili seeks to dismantle a perceived political threat by distorting a repaid loan into a supposed “investment”, where according to Ivanishvili’s testimony, not a single dollar belonged to Bachiashvili whose mere role was to “technically execute” the project with no renumeration or profit share.

These egregious charges, primarily grounded in a single, self-serving witness statement from Ivanishvili, are unprecedented in a country that claims to uphold the rule of law. They reveal profound levels of corruption, state capture, and oligarchic control over Georgia’s independent institutions.