Georgian entrepreneur George Bachiashvili, founder of Mission Gate, has been ordered into custody after violating his bail terms in an ongoing case involving the alleged embezzlement of Bitcoin from former Georgian Prime Minister Bidzina Ivanishvili. Bachiashvili, who had been free on a $900,000 bail, is now on the run, having fled to Armenia in early March. His whereabouts are currently unknown.
Bachiashvili is accused of embezzling over 8,200 Bitcoin (worth approximately $10 million at the time) between 2015 and 2017. The investment was originally made using a $5 million loan from Ivanishvili’s funds, which Bachiashvili directed toward Bitcoin mining operations through Bitfury.
According to Ivanishvili’s claims, the two men had an agreement to liquidate the mined Bitcoin by the second half of 2016, following discussions about the stability of the cryptocurrency market. However, Ivanishvili alleges that Bachiashvili misled him about the actual profits of the operation, and that the Bitcoin mining returns were far higher than what was reported.
A Violation of Bail and a Growing Manhunt
Bachiashvili, who was initially released on bail in 2022, was ordered back into custody after violating his bail conditions by leaving Georgia and crossing into Armenia. The Georgian Ministry of Internal Affairs reported that he left the country on March 2, prompting Judge Giorgi Gelashvili to uphold the prosecution’s motion for stricter detention measures.
Bachiashvili’s decision to flee has prompted a full-scale manhunt, with authorities now working to locate him in a third country. He has refused to disclose his current location when approached by the media. Bachiashvili was charged under Articles 182 and 194 of the Georgian Criminal Code for the misappropriation of property and money laundering.
Ivanishvili, with an estimated fortune of $7.6 billion, has been referred to as the “real ruler” of Georgia by Transparency International, given his influence in the country and his role as the founder of the Georgian Dream party. The investigation into Bachiashvili’s actions is viewed by some as reflecting Ivanishvili’s private financial interests, which further complicates the legal and political landscape.
Transparency International has criticized the prosecution, arguing that the case against Bachiashvili appears weak, suggesting that it may not have even progressed in a legal system based on the rule of law if it weren’t for the political connections involved.
The organization’s conclusion aligns with Bachiashvili’s defense, which maintains that the case is politically motivated. This view is increasingly gaining traction as critics highlight the apparent lack of legal grounds for the accusations, suggesting that the case could be more about political maneuvering than actual financial crimes.
Quick Facts:
- The former Georgian PM’s aide is accused of embezzling Bitcoin belonging to former Georgian Prime Minister Bidzina Ivanishvili through illicit transactions.
- The aide has fled the country to avoid prosecution, with global authorities now on the lookout.
- The incident may push Georgia to reassess its cryptocurrency regulation policies.
