PM Bakhtadze Comments on Developments around TBC Bank

Georgian Prime Minister, Mamuka Bakhtadze says that various political forces are trying to take the TBC Bank issue back to the political information field, adding it is “irresponsibility and the attempt to provide the population with distorted information.”

The PM made the comment at a press conference held at the Government’s Administration on Friday. 

Bakhtadze noted that the wrong emphasis is made and that these forces are trying to link TBC issue with the Anaklia Port.

The PM talked about the role of the National Bank of Georgia (NBG) and said that it fulfills its role of regulator quite well. According to him, some populist and ungrounded information and statements have been made about the NBG lately.

“I would like to declare with a full responsibility that the National Bank is an independent institute and staffed with high professionals, which showed that it always works in compliance with very high ethical norms. This is not my assessment, it is an assessment we hear from international financial institutions. This is the actual circumstance, all the rest is, unfortunately, political speculation,” he stated.

Bakhtadze added that TBC is the country’s leading financial institution which is of great importance.

On February 14, the National Bank of Georgia stated that after examining transactions conducted by TBC Bank 2007-2008, it was revealed that the 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.

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 Minister Gakharia.

By Thea Morrison

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