George Bachiashvili's lawyer denies $39M Bitcoin misappropriation charges
The legal team representing the billionaire entrepreneur George Bachiashvili has issued a statement denying the criminal charges filed by the Prosecutor’s Office of Georgia, alleging that the businessman misappropriated Bitcoin (BTC) worth $39 million.
On July 6, the prosecutor’s office charged Bachiashvili with the misappropriation of crypto and money laundering. In 2015, the office said that Bachiashvili engaged in Bitcoin mining with an investor who expected the profit to be divided in proportion to the invested funds.
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 appropriate amount to the investor. With Bitcoin hovering around $30,000, the amount of BTC profit allegedly generated by Bachiashvili is worth almost $250 million at the time of writing.
The office also alleged that Bachiashvili concealed the details of the appropriated 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 its statement, noting that the charges are “not rooted in any factual findings or serious investigation” but are rather “politically motivated.”
We are pleased to represent @GBachiashvili, one of #Georgia's most accomplished entrepreneurs. The baseless, politically motivated charges brought against him are a very negative signal for rule of law and investment. We intend to fight aggressively to reveal the truth. pic.twitter.com/GAItufZfwG
According to Amsterdam, the charges are a negative signal for the rule of law and investment. The lawyer highlighted their
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