Opposition Demands Fact-Finding Commission Concerning TBC

Opposition party European Georgia is demanding a fact-finding commission be set up in Parliament regarding the recent developments surrounding the largest bank in Georgia – TBC.

The opposition party made the statement after a co-founder of TBC Bank Mamuka Khazaradze arrived in parliament on Monday and raised the issue of responsibility of the National Bank President Koba Gvenetadze and his deputy. In addition, Khazaradze stated that he had received a threatening letter from the Minister of Interior Giorgi Gakharia.

European Georgia member, David Bakrade, said that they have already started collecting the signatures of MPs to set up the fact-finding commission.

“We already have signatures of minority MPs. The fact-finding commission should be set up in connection with alleged pressure on persons related to Anaklia Port and TBC Bank. TBC Bank is the leading financial institution of this country while the Anaklia Port has strategic importance for Georgia's economy and security. So the issues of strategic importance should be studied by the fact-finding commission”, Bakradze said.

He added the task of the commission is not to send certain officials to prison or punish them, but to establish the truth.

The party also expressed readiness to conduct consultations with the other factions in the legislative body regarding the TBC case.

On February 14, the National Bank of Georgia (NBG) stated that after examining transactions conducted by TBC Bank 2007-2008, it was revealed that Chairman of the Supervisory Board of TBC Bank Mamuka Khazaradze and his Deputy Japaridze had violated the requirements of the legislation regulating conflict of interests, therefore it suspended the authority of the two men.

Khazaradze filed a lawsuit against the regulator, but the supervisory board decided to withdraw it. It was followed by Khazaradze’s resignation as the board chair.

He announced he was leaving TBC, where he had spent 27 years. His deputy also decided to quit. However, Khazaradze and his deputy will keep positions at TBC Bank Group PLC, registered in London, UK, which keeps 100% shares of TBC Bank.

By Thea Morrison

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