'I was supposed to transfer him 5,000 bitcoins' - Former сo-investment fund chief shares Ivanishvili's letter

Ivanishvili accused of extortion

During a court hearing in Tbilisi City Court, former director of the Co-Investment Fund, Giorgi Bachiashvili, shared a letter allegedly sent by Bidzina Ivanishvili, honorary chairman of Georgian Dream and de facto leader of Georgia.

Speaking to journalists, Bachiashvili revealed that several months ago, a representative of Ivanishvili delivered a letter from the politician. In it, Ivanishvili demanded that Bachiashvili transfer 5,000 bitcoins to him. The letter also stated that in the event of a payment delay, the amount would increase by 500 bitcoins for every month of delay.

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“I helped him in 2012 because I believed it was time to change the government in Georgia (Saaakashvili and his team). Now, once again, it is time for a change in power”

The prosecution accuses Giorgi Bachiashvili of misappropriating cryptocurrency belonging to Bidzina Ivanishvili. According to the charges, in 2017, Bachiashvili allegedly transferred only part of the profits from an investment to Ivanishvili while unlawfully keeping the remaining bitcoins for himself.

Bachiashvili claims that before the court ruling on the “Rustavi-2” case, Ivanishvili offered him the position of director at the television channel. “It turns out Ivanishvili already knew what decision would be made in the Rustavi-2 case. Of course, I refused because I didn’t want to participate in this lawlessness,” Bachiashvili stated.

In 2019, Georgian courts ruled that control of the high-profile Rustavi-2 television channel be transferred from opposition figure Nika Gvaramia to businessman Kibar Khalvashi, who is loyal to Ivanishvili.

What did Bachiashvili say about the court?

“The court session today, orchestrated by Ivanishvili and conducted by his obedient prosecution and judiciary, is nothing more than an act of revenge and an attempt to extort a large sum of money by a man wielding absolute political power.

It’s noteworthy that this process involves a plaintiff who is under sanctions for democratic backsliding in the country, a chief prosecutor sanctioned for human rights violations, and judges listed in sanctions for corruption. This is a clear example of what a legal state should not look like.”

Bachiashvili also shared a letter allegedly sent to him by Bidzina Ivanishvili.

What did Ivanishvili write to Bachiashvili?

“As you are aware, a preliminary court session has been scheduled for March 27, 2024, to decide whether the case will proceed to trial. Before that stage, the plaintiff is willing to accept 60% of the bitcoin sum specified in the indictment.

In case of refusal or payment delays, the number of bitcoins owed to the plaintiff will increase by 5% for each additional month from the date of the offer (in this case, starting April 1, 2024).

Given the apparent validity of the plaintiff’s position, we expect the court to conclude the case by the end of the year. If the offer is not accepted within the specified time frame, the defendant will lose the opportunity for a discount on the payment.

If the defendant believes they can somehow use the unlawfully appropriated cryptocurrency and benefit from it, they are mistaken, as the plaintiff will utilize all available tools to prevent this.

Please inform us of your position on this proposal.”

Georgia's de facto ruler Ivanishvili files new lawsuit against swiss bank, alleging ‘political blackmail

Julius Baer is the bank where Ivanishvili transferred a significant portion of his assets following his dispute with Credit Suisse.

What else is known about Ivanishvili’s other legal cases?

Bidzina Ivanishvili filed a lawsuit against the Swiss bank Credit Suisse in 2011 after discovering fraudulent schemes involving one of the bank’s managers. A new phase of the dispute between the oligarch and the bank began after Russia’s invasion of Ukraine. Reports emerged that the bank had frozen Ivanishvili’s account containing £2.7 billion, citing suspicions that the funds might have Russian origins.

For more details on the dispute between Ivanishvili and Credit Suisse, read here.

In January 2025, Ivanishvili’s lawyer, Lasha Kalandadze, announced that the chairman of “Georgian Dream” had filed a lawsuit against another Swiss bank, Julius Baer, where Ivanishvili had transferred most of his assets following the Credit Suisse case. According to Kalandadze, Julius Baer applied U.S. sanctions to Ivanishvili’s family members and companies.