Carl Hartzell Responds to TBC Bank Case

The Ambassador of the European Union to Georgia, Carl Hartzell, has responded to the recent developments with respect to TBC Bank and the investigation commenced by the Prosecutor’s Office of Georgia.

The Diplomat stated that the Representation of the European Union to Georgia is itself investigating the given case and told Business Media Georgia: “It is certainly significant for us that the process be carried out in a transparent and trustworthy manner. TBC Bank is an important player contributing to the financial stability of citizens, as well as the entire country.”

In terms of the impact of the developments on the financial sector, Hertzell says this will be demonstrated by the market itself. The Ambassador also noted the London stock market has already responded to the accusations against TBC Bank.

The Prosecutor’s Office of Georgia launched an investigation against TBC Bank regarding operations carried out in 2008 which are said to involve “facts of the legalization of illicit income.”

By Ketevan Kvaratskheliya

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