Mamuka Khazaradze and Badri Japaridze Leave Their Posts

Mamuka Khazaradze and Badri Japaridze are leaving the posts of the Chairman and the Deputy Chairman of the Board of Directors of TBC Bank until the investigation is completed.

Mamuka Khazaradze published the relevant statement in the social network.

According to him, yesterday’s briefing at the Prosecutor's Office has made a serious impact on the price of the TBC Bank's shares during the last 6 months. The previous two briefings had the same results.

According to Khazaradze’s statement, “this is a deliberate action against international investors and financial stability of our country”.

"On June 24, our shareholders in London re-elected Badri Japaridze and I as the Chairman and the Deputy Chairman of the bank with 98% of votes and we are thankful for their trust. However, due to the endless unfair attacks on us, the bank, its shareholders and employees suffer from it. Accordingly, we leave our position in the bank until this absurd process is over. We believe that the institution we have been building for 27 years, which has become a symbol of success for our country, will continue to implement its strategic goals", Mamuka Khazaradze writes.

Yesterday, the Prosecutor General's Office of Georgia charged Mamuka Khazaradze and Badri Japaridze.

According to the agency, the two are accused of the laundering of $16 754 000.

“Mamuka Khazaradze and Badri Japaridze are charged for the laundering of $16 754 000, as a result of which they received a large amount of income”, reads the statement of the Prosecutor General's Office.

The Prosecutor General's Office of Georgia launched an investigation into laundering by the Chairman and the Deputy Chairman of the Supervisory Board of TBC Bank on 2 August 2018.

Related Story: Prosecutor's Office Charges Founders of TBC Bank

By Ana Dumbadze