TBC Bank Group PLC (“TBC PLC”) confirms that, further to today’s announcement by the Georgian office of Public Prosecution,  the Chairman and Deputy Chairman have decided to step down from the board of TBC PLC with immediate effect, – reads the statement released by the TBC Bank Group.

According to statement Mamuka Khazaradze and Badri Japaridze have both arrived at this decision in order to ensure that the allegations made against them do not affect the Group and to be able to concentrate on refuting those allegations

“TBC Bank Group PLC (“TBC PLC”) confirms that, further to today’s announcement by the Georgian office of Public Prosecution,  the Chairman and Deputy Chairman have decided to step down from the board of TBC PLC with immediate effect. They have both arrived at this decision after careful consideration in order to ensure that the allegations made against them do not affect the Group and to be able to concentrate on refuting those allegations.

The Board and the Management would like to thank the Chairman and the Deputy Chairman for their vision when they founded the bank in the early 1990’s and their invaluable contributions in successfully turning it into one of the largest and most respected companies in the South Caucasus region.

The Chairman and the Deputy Chairman intend to seek to re-join the board of TBC PLC once all the claims made against them have been cleared. The Board has full confidence in the integrity of Mr. Khazaradze and Mr. Japaridze and looks forward to the gentlemen quickly and fully clearing their names of any claims, including alleged money laundering.

The Board has appointed, with immediate effect, Senior Independent Director Nikoloz Enukidze to serve as the Chairman of TBC Bank Group PLC, based on his deep knowledge of the bank, prior Chairmanship roles in banking sector and extensive regional and international experience” – reads Statement of TBC Bank Group.

The General Prosecutor’s Office presented charges to Mamuka Khazaradze and Badri Japaridze, Chairman and Deputy Chairman of Supervisory Board of TBC Bank on the fact of legalization of illegal revenues in the amount of USD 16 754 000.