At the Tbilisi City Court, the trial of Giorgi Bachiashvili, the former CEO of the Co-Investment Fund and the founder of Georgian Dream, Bidzina Ivanishvili’s, cryptocurrency misappropriation case is underway.

At today’s hearing, the defense will deliver its closing argument, after which, if the court allows, Bachiashvili—who is currently wanted—will have the opportunity to make a final statement. Following this, the judge will retire for deliberation before announcing the verdict.

For reference, Giorgi Bachiashvili has been charged in three separate criminal cases, and in all three, he has been sentenced to pretrial detention in absentia.

Specifically, Bachiashvili was initially charged with misappropriating cryptocurrency belonging to Bidzina Ivanishvili, the founder of Georgian Dream. The charges relate to actions committed in 2017. According to the prosecution, Bachiashvili transferred only $536,900 to the investor from the profits of the investment, while unlawfully appropriating the remaining 8,986 bitcoins belonging to the investor. At the time of their misappropriation, these bitcoins were valued at approximately $43 million.

He was originally granted bail set at 2,500,000 GEL, along with additional restrictive measures. However, his bail was later replaced with pretrial detention. The offense carries a prison sentence ranging from 9 to 12 years.

Additionally, Bachiashvili has been charged under Article 220¹, Part 2 of the Georgian Criminal Code in connection with the "Mtkvari HPP" case, which involves the failure or improper fulfillment of official duties by a person with special authority, resulting in serious consequences. This charge carries a penalty of 2 to 5 years in prison. In this case as well, his initial bail of 50,000 GEL was replaced with pretrial detention.

Furthermore, Bachiashvili has been charged with illegally crossing the Georgian state border, for which he has also been sentenced to pretrialdetention.