TBC Bank Releases Statement

TBC Bank Group has released a statement regarding the charges the Georgian Prosecutor General’s Office has filed against TBC Bank co-founders Mamuka Khazaradze and Badri Japaridze. 

“The Board of Trustees of TBC Bank Group is sure that Mamuka Khazaradze and Badri Japaridze are innocent and looks forward to refuting all disputes against them," reads the statement released on Thursday.

It goes on to say that the TBC Bank group (TBC PLC) confirms that on July 24, following the statement of the Prosecutor’s Office of Georgia, TBC PLC Chairman Mamuka Khazaradze and Deputy Chairman Badri Japaridze decided to leave their posts.

“They made the decision in order that the charges against them would not have any influence on the group's activities and to allow them freedom to continue the dispute,” the members of the TBC Bank group said.

In the statement, the Group’s Supervisory Board and Management thanked Khazaradze and Japaridze for their unique role in establishing TBC Bank in the difficult 1990s. Additionally, "for their highly significant contribution to the successful development of the bank and to turning it into one of the largest and most respectable companies in the South Caucasus."

"Mamuka Khazaradze and Badri Japaridze will try to join the Board of Trustees of TBC Bank Group after the accusations against them are refuted. The Supervisory Board has immediately appointed an independent director for the TBC Bank Group, Nikoloz Enukidze as Chairman of the Supervisory Board," the statement reads.

By Ana Dumbadze