George Bachiashvili’s lawyer denies $39M Bitcoin misappropriation charges

The legal team representing billionaire businessman George Bachiashvili has issued a statement denying criminal charges filed by the Georgia Prosecutor's Office, alleging that the businessman misappropriated Bitcoin (BTC) worth $39 million.

On July 6, the prosecutor's office loaded Bachiashvili with the misappropriation of cryptocurrencies and money laundering. In 2015, the office said Bachiashvili was mining Bitcoin with an investor who expected profits to be split in proportion to funds invested.

The government body alleged that Bachiashvili generated a profit of 8,253.13 BTC in 2017, worth around $39 million at the time, and failed to pay the proper amount to the investor. With Bitcoin hovering around $30,000, the amount of BTC earnings allegedly generated by Bachiashvili is worth nearly $250 million at the time of writing.

The office also alleged that Bachiashvili concealed the details of the appropriate crypto, with the intention of transferring the funds to different wallets and using the money for financial operations.

Meanwhile, Robert Amsterdam, the founding partner of Amsterdam & Partners LLP, which represents Bachiashvili, issued his statement, noting that the charges are "not based on any factual finding or serious investigation" but are "politically motivated."

We are pleased to represent @Bachiashvilione of #GeorgiaThe most successful entrepreneurs.

The baseless and politically motivated charges brought against him send a very negative signal for the rule of law and investment. We intend to fight aggressively to reveal the truth. pic.twitter.com/GAItufZfwG

— Robert Amsterdam (@robertamsterdam) July 6, 2023

According to Amsterdam, the charges are a bad sign for the rule of law and investment. The lawyer highlighted his intention to fight the accusations and work to reveal the truth.

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The lawyer too saying in the press release that the state apparatus is being "abused as an instrument of robbery", and Bachiashvili is only being targeted because of his political beliefs. “These charges are an embarrassment to the country, and we intend to vindicate our client through all available measures both domestically, with our counsel attached in Georgia, and internationally,” he added.

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