Court Orders Imprisonment of Mission Gate Founder George Bachiashvili
A court in Georgia has ordered the imprisonment of Mission Gate founder and venture capitalist George Bachiashvili, who is currently on trial for allegedly embezzling investment profits from former Georgian PM Bidzina Ivanishvili.
After being granted bail of 2.5 million GEL ($900,000), Bachiashvili violated the conditions by crossing the border into Armenia on March 2, leading to his detention as ordered by Judge Giorgi Gelashvili.
According to sources, Bachiashvili has now entered a third country, refusing to disclose his current whereabouts to Reuters.
Embezzlement Allegations and Legal Proceedings
Bachiashvili is accused of embezzling 8,253.13 BTC between 2015 and 2017 by investing a $5 million loan—secured using Ivanishvili’s personal funds—into Bitcoin mining operations via Bitfury.
Despite repaying the loan and transferring profits to Cartu Bank, Ivanishvili claims that Bachiashvili misled him about the actual returns from the mining operation, leading to charges of misappropriation of property and money laundering.
Political and Legal Controversy
The case has drawn scrutiny for its perceived ties to Ivanishvili’s private financial interests, with Transparency International questioning the validity of the charges against Bachiashvili.
Legal representatives of Bachiashvili, Amsterdam & Partners, have denounced the case as a violation of due process, with Senior Partner Robert Amsterdam labeling it a “travesty.”
Potential Ramifications and Allegations
If found guilty, Bachiashvili could face up to 12 years in prison, with the investor alleging that the charges are retaliation for his public support of Ukraine in its conflict with Russia, a stance contrary to Ivanishvili’s pro-Russian leanings.
The case continues to unfold amidst a backdrop of political and legal intrigue, with Bachiashvili’s fate hanging in the balance.
Edited by Andrew Hayward