Tina Bokuchava, chair of the United National Movement, claims that during the last high-level meeting between Irakli Kobakhidze and representatives of the previous U.S. administration, Kobakhidze devoted most of the conversation to Bidzina Ivanishvili’s USD 607 million, which has been the subject of a years-long private legal dispute.

“Ivanishvili has taken the country hostage because of his money. He believes that the USD 607 million  which was actually part of a private dispute between him and a Swiss bank has now been temporarily seized by some ‘invisible Masonic lodge.’ To get it back, he has seized control of the entire state. He is now trying to convince the West to treat him as a dictator at least to talk to him at that level so he can ultimately recover this USD 607 million.”

Bokuchava says she can “confirm” that during the most recent high-level U.S. visit under the previous administration:

“Out of a one-hour meeting, Irakli Kobakhidze spent 45 minutes talking about this USD 607 million, the recovery of which is now Ivanishvili’s top priority.”

She added that Ivanishvili may still fail to recover the funds in the UK despite a court ruling, because:

“The court may decide that a person sanctioned by the United States and under investigation in the UK cannot be awarded the money. For Ivanishvili for whom money is everything nothing matters more than his personal wealth. He is ready to bargain with the country and its people just to get back his USD 607 million. 

 November 24, when the UK is scheduled to issue its decision, may turn out to be a very difficult day for him.”

Bidzina Ivanishvili, founder and honorary chairman of Georgian Dream, has for years been embroiled in a private legal dispute with the Swiss bank Credit Suisse. He accused the bank of mismanaging and defrauding him of more than USD 500 million.

In March 2022, Ivanishvili won the case in Bermuda’s Supreme Court, though CS Life Bermuda appealed the ruling.  In June 2022, after reviewing financial assessments presented by both sides, the court concluded that Ivanishvili’s total losses amounted to USD 607 million.

On 20 November, Ivanishvili’s lawyer, Temo Tsikvadze, issued a statement noting that the final judgment in the Bermuda dispute would be announced on 24 November in London.

“In recent days, opposition figures and certain media outlets have been speculating about the upcoming 24 November court session in London. On this date, the third and final instance hearing the Bermuda case will issue its decision in the lawsuit brought by Bidzina Ivanishvili, a case in which all previous rulings have been in our favor,” Tsikvadze said.

The dispute between Ivanishvili and Credit Suisse to whom the billionaire entrusted his assets has unfolded across several jurisdictions, including Bermuda, Singapore, and Switzerland.

These cases stemmed from the actions of bank representative Patrice Lescaudron, who lost Ivanishvili’s funds on the stock market. Lescaudron was convicted of fraud in 2018, and the bank argued he acted independently.

After six years of litigation, the Bermuda court in 2022 ordered the bank to pay Ivanishvili USD 500 million.

If Credit Suisse is ultimately acquired by UBS, Ivanishvili’s legal dispute would continue against UBS, which would inherit Credit Suisse’s obligations.