By Helena Bedwell

Georgian billionaire Bidzina Ivanishvili said he will give up his French citizenship after losing a court appeal to restore his revoked Georgian passport.

Ivanishvili has already contacted the French Embassy in the Georgian capital, Tbilisi, his press office said in an e-mailed statement today. His Russian citizenship is already terminated, according to the statement.

On Dec. 11, Ivanishvili held an inaugural rally for his political campaign, called the “Georgian Dream,” which aims to challenge the current government. He wants to create an opposition party to take on President Mikheil Saakashvili.

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