Saakashvili concedes defeat in Georgia polls

Supporters of the opposition Georgian Dream party celebrate their winning in the parliamentary election, in Tbilisi, Georgia 01 October 2012.

Georgian President Mikhail Saakashvili has conceded defeat in the parliamentary election and says the opposition now has the right to form a government.

Speaking Tuesday on television, he said: "It’s clear from the preliminary results that the opposition has the lead and it should form the government. And I as president should help them with this."

Early results show an opposition coalition led by billionaire businessman Bidzina Ivanishvili with what appears to be an insurmountable lead as voters turned away from Saakashvili and the party that has been in power for almost nine years.