Georgia: The Georgian Prosecutor’s Office has charged Giorgi Bachiashvili, the former CEO of the Co-Investment Fund for non-performance of his duty on February 25, 2025, Tuesday.
It should be noted that according to the investigation, it was established that in May 2013, on the initiative of Bidzina Ivanishvili, to implement important investment projects in Georgia, the same co-investment fund was founded. Giorgi Bachiashvili was the General Director of the Foundation from the day of its foundation until May 2019 and then until 2023, he was the Chairman of the Board of Advisors of the Foundation.
In November 2014, the co-investment fund signed a written agreement with the company “GCF Luxembourg“, which took responsibility for the correct and effective management of investments made by the company in Georgia, as well as existing assets.
In the same year, the company “GCF Luxembourg” purchased a share of Ltd “Mtkvari Hydropower” on the initiative of Giorgi Bachiashvili, which owned the hydropower project to be built on the Mtkvari River in Akhaltsikhe. Initially calculations, the broken hydroelectric hydroelectric station was a profitable investment project, with a cost of about 140 million USD for construction and the hydroelectric station is scheduled to be commissioned in 2019.
Before purchasing the defective hydroelectric power plant project, through the allocation of co-investment funds, expertise and appropriate research of the hydro project were conducted, resulting in the discovery of several essential nature risks and threats, the risks identified should have been taken into account both at the beginning and during the construction of the hydroelectric power station.
Even though Giorgi Bachiashvili, as the CEO of the Co-Investment Fund, was fully responsible for the correct and effective management of investment projects and assets of “GCF Luxembourg“, he was performing his duties unbelievably and neither during the beginning of the construction of the hydroelectric power plant nor afterward, did he not take appropriate and necessary measures for identified risks or To eliminate the dangers, What was related to the construction process of the hydroelectric station.
As a result, the investment volume and the period of commissioning of the broken hydroelectric power plant increased disproportionately, which negatively affected the profitability of the project and its investment value increased from about 100 million US dollars to 240 million US dollars. It also means that despite the colossal expenditure, the hydroelectric station has not been commissioned yet, and as a result, significant damage to the investment. Tory’s legitimate interests.
It is noteworthy that Giorgi Bachiashvili was charged under Article 220 of Prima of Georgia’s Criminal Code, Part 2, which refers to non-fulfillment of his duty or disbelief by a person with special powers, which led to serious consequences. The presented charge considers imprisonment of 2 to 5 years of imprisonment.
It should be noted that the society will be informed about the progress and results of the investigation.
