The Prosecutor’s Office of Georgia has charged George Bachiashvili, the former head of the Georgian Co-Investment Fund, for alleged misappropriation of cryptocurrency and legalization of illegal income.

If found guilty, Bachiashvili could face a prison sentence from 9 to 12 years.

According to Amsterdam & Partners LLP's statement sent to the Accent, "these charges are politically motivated".

“Our firm is privileged to act as international counsel to Mr. Bachiashvili, and we intend to act aggressively to assert his rights and innocence before these absurd, politically motivated charges,” said Robert Amsterdam, founding partner of Amsterdam & Partners LLP.

“It is our clear understanding that the origin of these charges is not rooted in any factual findings or serious investigation, but instead the charges appear to be the result of a weaponized prosecution.” Amsterdam continued:

“George Bachiashvili is an incredibly accomplished entrepreneur of impeccable reputation who is now being targeted for his political beliefs, with the state apparatus being abused as an instrument of theft. These charges are an embarrassment to the country, and we intend to vindicate our client through all available measures both domestically, with our co-counsel in Georgia, and internationally.”

George Bachiashvili is a venture capitalist and investor who has founded and backed numerous startups in tech, fin-tech, blockchain, and other innovative industries. In 2014, he founded Mission Gate – a venture capital firm investing globally in angel and A/B stage projects, and previously founded the Georgian Co-Investment Fund – the largest private equity fund based in Georgia, investing in energy, hospitality, agriculture and manufacturing. He has served as the Chairman of the Supervisory Board of the Georgian Stock Exchange since 2014, and served in a variety of positions previously with Booz & Co, Abu Dhabi Group, and the Bank of Georgia