Tbilisi City Court has found founders of TBC Bank and opposition Lelo party Mamuka Khazaradze, Badri Japaridze and businessman Avtandil Tserteli guilty of fraud and sentenced them to seven years in prison, but they go free as the statute of limitations on the criminal prosecution had passed.

The court re-qualified the initial charges of money laundering to Article 180 (2a, 3b), envisaging massive fraud perpetrated by more than one person.

The court also decided to lift the pretrial measures of bail and a ban on leaving the country imposed on them, including unfreezing their assets and bank accounts.

Khazaradze dubbed the ruling as “farce”, pledging to continue the fight and appeal against today’s decision.

He said, “we were accused of money laundering in 2008, but suddenly this article vanished and in 2012, or 4 years later, it turns out that we committed fraud, which did not even fall under probe, neither the victim nor the complainant has been identified. That is nonsense,” he stressed.

The first battle’s won. The court has ruled there was no money laundering! The GD autocracy has retreated!

Our fight now continues for the development of a free, just and prosperous Georgia! ?? Thank you all very much for your support!

— Mamuka Khazaradze (@M_Khazaradze) January 12, 2022