Former National Bank of Georgia (NBG) President Roman Gotsiridze says the scandal surrounding NBG Board member Nana Keinishvili is overshadowing a broader conflict between Bidzina Ivanishvili and Giorgi Bachiashvili, the former head of the Co-Investment Fund. Speaking on BMGTV’s program Tsertili, Gotsiridze argued that decisions involving Bachiashvili are ultimately made by Ivanishvili, while the central bank’s management and the State Security Service of Georgia (SSSG) act in line with his interests.
Gotsiridze pointed to investigative reports by Radio Liberty concerning alleged violations by cryptocurrency exchange businesses linked to Bachiashvili. BitXchange director Nino Kopilashvili said she had notified the NBG of possible legal violations but received no response. Separately, BitXchange’s owner allegedly recorded Keinishvili asking for a stake in the company and sent the recording to the SSSG in 2024, but no action followed at the time. The case is now being investigated by the Prosecutor’s Office.
BitXchange also alleged that the NBG failed to act against its competitor, LLC Cryptomat, linked to Bachiashvili, despite knowing about alleged violations of customer identification rules. Gotsiridze suggested that the regulator’s inaction may have been connected to a settlement between Bachiashvili and Ivanishvili involving the return of cryptocurrency. He also described the NBG’s GEL 572 million fine against BitXchange as a possible attempt to punish the company for exposing Keinishvili’s activities and the regulator’s alleged failure to act.
Gotsiridze said the scandal and what he characterized as the NBG’s selective regulatory policy were damaging the reputation of Georgia’s financial system. He argued that NBG President Natia Turnava could not independently make decisions on matters involving Ivanishvili’s interests and called for an end to the central bank’s lack of independence. The allegations and interpretations are Gotsiridze’s; they do not establish that the claims against the individuals or companies involved have been proven.
