The founder and former Board Chair of the TBC Bank, Mamuka Khazaradze and his Deputy Badri Japaridze, have been summoned to the Georgian Prosecutor’s Office to be formally charged for alleged money laundering.
The Prosecutor’s Office did not yet specify the official charges against Khazaradze and Japaridze in its statement of July 24. However, it said the verdict has been delivered after analyzing “the obtained evidence.”
The Prosecutor’s Office launched investigation into money laundering charges against Khazaradze and Japaridze “on legalization of illicit income” back in August 2018.
The two are facing a criminal investigation for alleged breaches of money-laundering legislation, involving up to USD 17 million transaction that took place back in 2008.
The ongoing investigation into TBC Bank was made public on January 9, following the media reports that the Prosecutor’s Office seized case-related documentation from the bank.
Mamuka Khazaradze immediately denied the charges, claiming the legality of the said transaction was inspected multiple times by the local and international fiscal authorities and no “red flags” were raised. He then said the bank was suffering an “orchestrated” political attack.
Earlier this month Khazaradze announced his plans to set up a new public movement in September aimed at “uniting the country and maintaining its independence and liberty.”