TBC is a strong financial institution, a united team, which respects state institutions and law. Since the establishment of TBC bank, our main values are transparency, honesty and lawfulness,- Mamuka Khazaradze, Chairman of Supervisory Board and founder of TBC Bank made this statement at a special press conference held today.

As Khazaradze says TBC Bank has appealed against the decision of the regulatory body on the 11-year-old case and now is waiting for justice.

“Nevertheless, we are ready to continue dialogue with the National Bank to find the solution in order to avoid the possible negative impacts on the country’s investment environment and Georgia’s economy. As for the investigation launched by the Prosecutor’s Office, I categorically deny any facts of money laundering. I provided the relevant agencies with all the necessary documentation, which proves the non-existence of such a crime. Due to the high public interest, all the documentation has been sent to the international financial institutions, and the bank’s foreign partners as well. We have the conclusion of an international law firm – DENTONS, which clearly states that these transactions have nothing to do with money laundering or violation of bank regulation or conflict of interest.”, – Mamuka Khazaradze said.

Khazaradze expressed readiness to share information about this report and transaction with all interested parties, relevant committees of parliament, non-governmental organizations, etc.

The National Bank of Georgia (NBG) suspended the right of documents’ signing to Mamuka Khazaradze, Chairman of Supervisory Board of TBC Bank and his deputy Badri Japaridze. The decision was made during the sitting of NBG’s Supervisory Committee of Finance Sector on February 13, 2019. The National Bank of Georgia (NBG) gave TBC Bank’s shareholders two months notice to remove the Chairman of the Supervisory Board, Mamuka Khazaradze and his deputy Badri Japaridze from the Supervisory Board.

The Chief Prosecutor’s Office of Georgia launched criminal investigation on the fact of legalization of illegal income on 2 August 2018. As the Prosecutor’s Office announced earlier in January, TBC Bank is facing criminal investigation over money-laundering allegations involving a USD 17 million transaction that took place in 2008.