By Helena Bedwell

A Georgian court upheld a presidential ruling that revoked the citizenship of billionaire Bidzina Ivanishvili, who plans to create an opposition party to challenge the country’s leader, Mikheil Saakashvili.

Ivanshvili plans to appeal the decision, Eka Beselia, his lawyer, said by phone today, adding that the court restored his wife’s citizenship. Manana Manjgaladze, a spokeswoman for Saakashvili, said the billionaire may be able to reclaim his citizenship by directly petitioning the president.

Ivanishvili, a Rossiiskiy Kredit Bank board member, was stripped of Georgian citizenship in October. He remains a French citizen after renouncing his Russian passport yesterday to help his bid in Georgia, Beselia said.

Forbes magazine in March estimated Ivanishvili’s wealth at $5.5 billion, equal to almost half of Georgia’s $11.6 billion economy. On Dec. 11, Ivanishvili held the inaugural rally of his political campaign, called the “Georgian Dream” and aimed at challenging the current government.

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