Sunday, July 6, 2025

Bidzina Ivanishvili to sue Julius Baer Bank over alleged political pressure and contract violations

“Bidzina Ivanishvili is filing a lawsuit against Julius Baer,” Lasha Kalandadze, the attorney for Bidzina Ivanishvili, Honorary Chairman of the Georgian Dream-Democratic Georgia, issued a statement.

“As is well known to interested parties, Bidzina Ivanishvili has been pursuing litigation against Credit Suisse and its related legal entities in various jurisdictions for almost 10 years.

We inform you that the ongoing dispute against Credit Suisse in Singapore has been successfully concluded. The case in Bermuda, which has been successfully concluded in the courts of first and second instance, will be heard in the court of final instance in summer 2025. Civil cases are also beginning in Switzerland (the subject of dispute in Switzerland is compensation for amounts that were not covered by the ongoing disputes in Singapore and Bermuda). The public will be periodically informed about the progress and results of these cases.

We remind interested parties that a large portion of the assets that survived Credit Suisse’s illegal actions were transferred to another Swiss bank (Julius Baer), including the accounts where funds from hedge funds were to be deposited.

It should be noted that Julius Baer cooperated constructively for years, but over the last year, the relationship has changed radically; for almost six months, Julius Baer restricted information about accounts (fund movements) designated for funds received from hedge funds. There are numerous correspondence records confirming this. Bidzina Ivanishvili explained to the bank that he had the right to receive information about funds received from hedge funds and demanded an explanation from the bank about the legal basis for restricting his guaranteed right, however, the bank delayed its response. Only after Julius Baer became convinced that Bidzina Ivanishvili would pursue legal mechanisms to protect his rights did Julius Baer begin fulfilling their obligation to provide information.

Recently, relations have become complicated again. In Bidzina Ivanishvili’s opinion, the hedge funds (CarVal Credit Value Fund III, Promona Capital VIII, and TPG Opportunities Partners III) have violated fund return deadlines. According to the contract, Julius Baer is obligated to take measures to ensure the timely fulfilment of obligations by the hedge funds. However, Julius Baer only reports that it sends letters to hedge funds, but does not explain the content of the letters, nor about what actions it is taking or will take to ensure the fulfilment of obligations by hedge funds. Since Bidzina Ivanishvili cannot receive legally guaranteed information or explanation, he believes that Julius Baer and the aforementioned hedge funds are acting in coordination against/to the detriment of his interests.

Relations have deteriorated in other directions as well. Initially, the bank refused to execute a transfer order for Bidzina Ivanishvili and several of his family members. After Julius Baer received notification that the beneficiaries would pursue legal mechanisms to protect their rights, the bank executed the transfer order, however, it took almost one month to fulfil this obligation, whereas typically such orders are executed in one day.

Then in mid-December 2024, Julius Baer effectively threatened to close Bidzina Ivanishvili’s personal bank account, citing his status as a politically active person. The rationale for closing/cancelling the account on these grounds was not substantiated by Julius Baer. The bank didn’t even explain why this issue of cancelling a personal account on the grounds of being a politically active person came up on the agenda, particularly at the end of 2024. Julius Baer has not closed the personal account, however, informing the public about this action was deemed appropriate.

Finally, Julius Baer, in the beneficiaries’ opinion, incorrectly (rather, self-serving) interpreted the so-called American sanctions and informed Bidzina Ivanishvili’s family members and his companies that their bank accounts were effectively subject to the so-called American sanctions.

The above issues create preconditions for Bidzina Ivanishvili to consider/think that Julius Baer is engaging in political blackmail and that Julius Baer is also, in one form or another, involved in political blackmail.

Regarding the legal aspect, Bidzina Ivanishvili intends to initiate legal procedures against Julius Baer, including with the involvement of foreign lawyers, demanding the fulfilment of obligations by the bank and compensation for damages,” the statement reads.

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Geologists study land sliding processes in Ghverki, Khemaghali villages

Geologists are studying land sliding processes in Ghverki and Khemaghali villages of the Kharagauli municipality, Imereti region.First Deputy of Imereti Regional Envoy, Mamuka Khimshiashvili, Kharagauli Mayor Koba Lursmanashvili and local government representatives arrived at the site to assess possible risks.Locals were evacuated from the territory for safety measures last night. The local government called on residents to follow instructions from relevant services.The local government reported that activation of land sliding processes significantly damaged houses, roads and agriculture plots.

PM Kobakhidze: Georgian seafarers’ welfare state’s main priority

“Our seafarers make a significant contribution to Georgia’s economy. This contribution, expressed in numbers, amounts to approximately $200 million USD annually,” Georgian Prime Minister Irakli Kobakhidze stated while speaking at an event dedicated to International Maritime Day in Batumi.As the Prime Minister noted, the welfare of Georgian seafarers and their decent working and living conditions are the state’s main priority.“Every Georgian seafarer is our country’s pride. Seafarer certificates issued by Georgia are recognized by the European Union and more than 50 countries worldwide. This is recognition of Georgian seafarers’ professionalism, industriousness, and reliability at the international level.The welfare of Georgian seafarers and their decent working and living conditions are our state’s main priority. This is confirmed by joining the International Maritime Labour Convention, which came into force in February and represents the main guarantee of seafarers’ rights,” the Prime Minister declared.

President Kavelashvili: Maritime profession more valued due to consistent policy

“Due to consistent policy, the maritime profession is even more valued today. Through correct, effective and result-oriented steps, the sector has been strengthened and developed,” Georgian President Mikheil Kavelashvili stated at an event dedicated to International Maritime Day in Batumi.Kavelashvili congratulated Georgian seafarers on their professional day and wished them success.In his speech, the President emphasized Georgia’s unique geographical location and the country’s distinguished role in global shipping.“The maritime sector’s role is particularly important in fully utilizing Georgia’s transit potential. The state is working in multiple directions to ensure full utilization of existing potential. Against the backdrop of ongoing conflicts and confrontations in the world, Georgia has managed to maintain continuous peace and stability, making our country a reliable and trustworthy partner.Through the government’s careful and prudent policy, we have the opportunity to become part of the shortest and safest connecting route between Europe and Asia. To restore our historical role, which is known to every Georgian as the ‘Silk Road,'” Kavelashvili noted.The President noted that Georgia currently has more than 19,000 seafarers.

Gvaramia: Anyone who thinks elections are coming is making grave mistake. Oligarchy must fall

“Anyone who thinks elections are coming is making a grave mistake. It’s unfortunate, but we can no longer dwell on this issue any further,” stated Nika Gvaramia, one of the leaders of the “Ahali” party, in a post published on his Facebook page. As Gvaramia notes, nothing remains – neither space, nor time, nor sense – when saving the homeland stands on the other side. “Hey, you headsman Jvebe , keep your ear to the ground and listen carefully: ‘It’s coming, revolution is coming.’Nothing – neither space, nor time, nor reason – remains when the salvation of the homeland stands on the other side.Amicus Plato…The oligarchy must fall,” stated Nika Gvaramia in a post.

Speaker calls on UK Embassy to respond with facts, not “vague assessments,” and end “anti-Georgian rhetoric”

“The UK Embassy should respond to facts with facts, not with vague assessments that are completely detached from reality. I call on everyone to stop the anti-Georgian rhetoric,” declared Parliament Speaker Shalva Papuashvili.According to Papuashvili, the British ambassador violated the Vienna Convention by interfering in parliamentary elections through campaigning against Georgian Dream.“We speak Georgian, they speak English, and somehow we can’t understand each other. Yet we see the British ambassador is learning Georgian and should supposedly understand something of ours, but we say one thing and they answer something entirely else. I was speaking about very specific issues. I was talking about how the ambassador violated the Vienna Convention by interfering in parliamentary elections through campaigning against Georgian Dream. That’s accusation number one. Let them answer this – say they didn’t violate it and that his statement wasn’t interference. Instead, they say these are false accusations. Educated people don’t conduct such dialogue. The Georgian people have a higher opinion of Britain’s political elite. Therefore, first, the British ambassador violated the Vienna Convention when, ten days before the elections, he publicly engaged in electoral campaigning in the form of an interview against Georgian Dream. We seek clarity on whether, in their view, the Vienna Convention was violated, and if so, what their intended actions are.Second, the British Embassy attempted to finance individuals with extremist views, and we require an official response to this claim. We also discussed this at the meeting, that this is a false accusation, as if they intended to finance extremism,” Shalva Papuashvili declared.According to the Parliament Speaker, European values are no longer a measuring standard for some, which is a regrettable phenomenon.“So we’re not accused of having a Georgian understanding of extremism, I’ll give you the definition from the Oxford English Dictionary of what extremism means. Extremism means: Tendency to be extreme; esp. the holding of extreme political or religious views, or advocacy of illegal, violent, or other extreme measures.This is extremism, according to the Oxford Dictionary definition, not the Sulkhan-Saba Dictionary.Now, let’s examine quotes from yesterday’s statements: Tamar Chergoleishvili stated, “The right path is isolation and non-recognition of the regime; therefore, we are joining the election boycott.” Is this or is this not an expression of extreme political views? Is this or is this not support for extreme measures—boycotting and non-recognition of the political process? In other words, is this or is this not extremism? The answer is yes.Secondly, Gia Japaridze said yesterday, “Our task is to leave them,” referring, presumably, to the government, “in illegitimacy.” Is this or is this not an expression of extreme political views? Is this or is this not support for extreme measures? Of course, it is.Accordingly, this also constitutes extremism. The British Embassy attempted to finance Chergoleishvili and Japaridze. Therefore, the conclusion is that the British Embassy intended to fund individuals with extremist views. We ask you to provide an answer—are we correct in our reasoning or not? Is the Oxford English Dictionary’s definition accurate, or has there been a mistake—either by the dictionary, ourselves, or both? Please present a reasoned argument.Furthermore, the vague, threatening rhetoric about potential additional measures does not align with European values. However, since European values are no longer a universal standard for some, I would say this is a regrettable phenomenon,” declared Shalva Papuashvili.According to him, there are several facts regarding the British ambassador.“First, the British ambassador violated the Vienna Convention by interfering in the elections through campaigning activities. Second, the British Embassy breached the Strategic Partnership Agreement, including its preamble, which affirms respect for sovereignty. Interfering in elections is, unequivocally, a violation of sovereignty. Third, the British Embassy attempted to finance individuals who are known to promote extremism within Georgian politics. When discussing extremism, we must first recall the very figures I mentioned earlier.The British Embassy claimed that Chergoleishvili’s Tabula would cover the elections impartially. I also cited Gia Japaridze’s extremist statement. The British Embassy suggested that his NGO would serve as an impartial observer of the electoral process. These are very specific issues.Let them respond with facts, not vague assessments that are completely disconnected from reality. I call on everyone—this anti-Georgian rhetoric must finally come to an end,” declared Shalva Papuashvili.

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