Prosecutor’s Office Publishes Letter Presented by TBC Founder

The Prosecutor’s Office of Georgia (POG) published the letter, submitted by a founder of TBC Bank Mamuka Khazaradze, which, according to him, was written by the Interior Minister of Georgia, Giorgi Gakharia.

The letter sets three ultimatums that “must be met.”

  • “We precisely know you are fighting against us and it is not about just finances;
  • We said that we are ready for negotiations, but you continue the destructive actions.

“Without any preconditions:

  1. TV1 must move to the emergency mode of broadcasting, following the trend of Imedi TV, within the nearest 5 days.
  2. Kh. [Mamuka Khazaradze] must make an official statement that the revenge of the National Movement is unacceptable for him. The Georgian business remembers well about how it was treated under the power of the National Movement and that it is unacceptable. He should call on businessmen to unite and work together.
  3. ARTAREA [TV] must show a high level of objectivity.
  • In this case, we are ready to hold healthy talks without any preconditions.
  • Otherwise, we will use all the legal and objective means available to us and will do it publicly for internal and international users,” the letter reads.

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.

He said ahead of the second round of the presidential elections in 2018 that he received a letter posing certain conditions and containing threats, that should he fail to meet these conditions, his domestic and international reputation would be ruined.

Gakharia rejects allegations of the co-founder of TBC bank, saying it was “the attempt of one privileged businessman to obtain immunity from the parliamentary tribune through gossiping.”

“Everything he said is a lie. I do not write letters, I speak directly to everyone, including to those people with whom I have a business relationship,” said Gakharia.

 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

Related stories:

TBC Ready for Dialogue with National Bank

NGOs Question TBC Bank Investigation

Georgia’s Association of Banks Supports TBC

Minister of Economy Comments on TBC Bank Case

TBC Bank to Sue National Bank of Georgia

30 November -0001 00:00