TBC & US Embassy Release Statements on Charges against Company Co-Founders
TBC Bank Group released a statement Thursday regarding the charges the Georgian Prosecutor General’s Office filed this week 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.
It goes on to say that the TBC Bank group (TBC PLC) confirms that on July 24, following the Georgian Prosecutor’s Office move to charge the two co-founders, 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 for 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.
The US Embassy to Georgia expressed concern regarding the context and timing of the charges the Georgian Prosecutor General’s Office filed against TBC Bank co-founders Mamuka Khazaradze and Badri Japaridze. The Embassy released a statement about it on Thursday.
“We are closely following developments related to the criminal charges the Georgian Prosecutor General’s Office has filed against TBC Bank co-founders Mamuka Khazaradze and Badri Japaridze. We are concerned about the context and timing of these charges.
"An impartial and transparent legal system that is free of political influence is vital for Georgia’s Western integration and its ability to attract foreign investment.
"We continue to support the Anaklia [Deep Sea] Port project, a significant source of US investment in Georgia that has the potential to advance the country’s economic growth,” the statement reads.
On Wednesday, the Prosecutor General's Office of Georgia charged Mamuka Khazaradze and Badri Japaridze of laundering $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 on 2 August 2018.
For his part, Khazaradze, who is also the founder of the Anaklia Development Consortium, told journalists on Wednesday that, “everything is directed against the Anaklia Port Project and the government is trying to suspend the construction of the Port".
“It’s all a government plan to stop the construction of Anaklia Deep Sea Port. We saw the same kind of attack in January and it caused very serious damage to the bank's shareholders as well as the Anaklia Port Project.
"Yesterday, we selected a new general constructor for Anaklia Port [see GT page 8], which suspiciously coincided with one of the minister's statements that there is ‘no progress.’ Today, we heard the Prosecutor’s statement from TV aimed at harming Anaklia Port. If someone thinks that Anaklia is my personal project, they are very wrong. This is the project of our children, the project of our future generations; this is an absolutely new way, and a very important step to Europe,” Khazaradze said before entering the Prosecutor’s Office to hear the charges against him. He also added that he is ready for anything and nobody can intimidate him.
By Ana Dumbadze