New Video by Saakashvili Criticizes Georgian Banks

Former President of Georgia, Mikheil Saakashvili, has recorded a video actively criticizing the banking sector in Georgia. Rustavi 2 broadcast the footage, in which he is clearly speaking out against unfair procedures in the banking system.

One of his main demands is to ban banks from participating in non-profit businesses. He thn goes on to advocate an upper limit for interest rates to avoid profiteering.

He speaks directly about the directors of the Bank of Georgia and the TBC Bank: Irakli Gilauri, Executive Director of the Bank of Georgia since 2011, and Vakhtang Butskhrikidze, CEO at TBC Bank, who have both pocketed enormous bonuses for the positive performance of the two banks.

“I just saw the salaries of the director of the Bank of Georgia, Gilauri, and the director of the TBC Bank, Butskhrikidze. Both walked away with more than $9 million last year. All of us have a good education and many have even contributed more to Georgia than these two individuals. These huge profits are a great injustice in our system. That’s why we need to establish stricter rules in the banking sector,” Saakashvili stresses in the video.

He continues to call for the prohibition of banks to enter non-profit businesses, as "they profit exponentially through setting up schemes hiding client information essential to their credit lines," he said.

Speaking about his party, the United National Movement, he announced that from the beginning of May, they will start recording unjust debts to get an overview of the "misdealings" of Georgian banks. This analysis will eventually lead to a two-year fundraising period to set up a fund helping individuals affected by these unfair dealings.

Saakashvili ends his talk by speaking about pressing issues for Georgians, calling for a 400 GEL minimum monthly pension, a minimum salary of 1000 GEL for teachers, and a minimum salary of 2000 GEL for policemen and other government officers.

By Benjamin Music