TBC bank co-founder Badri Japaridze says that he will not withdraw the suit from the court and will continue to prove the truth as a private person.

Japaridze said that he will participate in the discussions scheduled to be held in the Parliament on February 26.

Badri Japaridze’s statement was released by TBC Bank.

“I believe that events developed for the last six months are extremely damaging the country’s investment environment and the entire banking sector.

TBC Bank is a brilliant example of how a Georgian company created from zero can become part of the premium segment and index of the world’s leading stock exchange. This is a victory not only the founders and employees but of the entire country. I’m very proud to take part in all business initiatives together with Mamuka Khazaradze.

I believe that the bank’s decision to release a joint statement with the National Bank was a necessary step for telling the huge group of foreign and local investors, more than 2 million customers and our loyal partners that the confrontation between the bank and its regulator is over and the bank will continue to implement ambitious development plans.

At the same time, personally I, Badri Japaridze, will not withdraw the suit from the court, I will continue to prove our truth and take part in the discussions scheduled to be held in the Parliament on February 26”, – Badri Japaridze’s Statement reads.

Mamuka Khazaradze, chairman of TBC Bank’s Supervisory Board left the post in TBC Bank. He has released the regarding statement on social network today. “I will continue to legally defend my rights as a private person in Georgia and abroad”, – the statement of Khazaradze reads.

The National Bank of Georgia and TBC Bank released a joint statement today. According to statement Mamuka Khazaradze and Badri Japaridze quit the Supervisory Board of JSC TBC Bank. The founding shareholders will maintain their positions as the Chairman and Deputy Chairman of the Board of Directors of TBC Bank Group PLC (a London-based, 100% shareholder of JSC TBC Bank). In addition, TBC Bank withdraws all court cases against the National Bank of Georgia and will pay approximately GEL 1 million, which was previously requested by the NBG.

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.