In response to charges filed by the Prosecutor’s Office of Georgia, billionaire entrepreneur George Bachiashvili’s legal team has issued a statement refuting the allegations of misappropriating Bitcoin worth $39 million. The prosecutor’s office accused Bachiashvili of engaging in Bitcoin mining in 2015 with an investor, expecting profits to be divided proportionally to the invested funds. They claim that Bachiashvili generated a profit of 8,253.13 BTC in 2017, failing to distribute the appropriate amount to the investor.
The lawyer representing Bachiashvili, Robert Amsterdam of Amsterdam & Partners LLP, asserts that these charges are politically motivated and lack factual findings or a serious investigation. He emphasizes that his client is being targeted due to his political beliefs, which he deems an abuse of state apparatus for theft. Amsterdam further states that these charges send a negative signal for the rule of law and investment.
Amsterdam’s press release highlights their commitment to fighting the accusations and uncovering the truth behind the case. The legal team intends to employ all available measures domestically, collaborating with co-counsel in Georgia, as well as internationally. They view the charges as an embarrassment to the country and aim to vindicate their client.
It is important to note that the amount of BTC profit allegedly generated by Bachiashvili, based on Bitcoin’s current value of around $30,000, would be worth nearly $250 million at the time of writing. The prosecutor’s office also claims that Bachiashvili attempted to conceal the details of the misappropriated crypto by transferring the funds to different wallets for financial operations.
This case raises concerns about the rule of law, investment climate, and potential implications for cryptocurrency-related activities in Georgia. The denial from Bachiashvili’s lawyer underscores the need for an objective and thorough investigation to ascertain the veracity of the charges brought against him.