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Georgian Court Rules Against Billionaire With Political Ambitions

Bidzina Ivanishvili addresses an audience during the first congress of Georgian Dream movement in Tbilisi earlier this month.
A Tbilisi court has upheld a verdict stripping billionaire Bidzina Ivanishvili of his citizenship, revoked after he announced his intention to oust the Georgian government in elections.

In October, Ivanishvili announced his intention to form a political party and compete against the current government.

Four days later, Georgia's Justice Ministry revoked Ivanishvili's Georgian citizenship because he had French citizenship.

Ivanishvili also has Russian citizenship and said when he announced his political ambitions that he would relinquish his French and Russian citizenship in order to be eligible to run in Georgian elections.

But Ivanishvili was also investigated for money laundering and some $3 million was seized from a Georgian bank he owns.

Ivanishvili's wife was also appealing a decision to cancel her Georgian citizenship.

The court ruled in favor Ekaterina Khvedelidze's appeal and restored her Georgian citizenship.

compiled from agency reports