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Khazaradze Steps Down as TBC Bank Group PLC Board Chairman

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Mamuka Khazaradze resigned the board chairmanship of the UK-based TBC Bank Groups PLC, alongside his deputy, Badri Japaridze. The announcement follows the decision of the Georgian Prosecutor’s Office to charge the two for alleged money laundering.

TBC Bank Group PLC was founded in the UK in February 2016 and in the same year it has become TBC Bank’s parent company. As of March 2019, London based group keeps 100% shares of TBC Bank.

In his Facebook statement published on July 25, Khazaradze slammed the Prosecutor’s Office for its public statements “made in Soviet tradition”, without any new susbstantial evidence. He claimed these statements, made “three times already during the past six months has severely damaged TBC share price”.

Just as in January-February of  2019, TBC’s shares slid by 12%, redicing the company’s capitalization by GEL 130 million.

“Two of the previous statements had the same outcome”, Khazaradze said. “This is an intentional action against international investors and financial stability of our country”, he added.

Khazaradze noted that the decision to quit the Board of Directors of TBC Bank PLC was an attempt to shield the Bank, its shareholders and employees from “continuous, unfair attacks”, until “this absurd process is over”.

A month before resignation, shareholders assembly of TBC Bank Group PLC elected Khazaradze and Japaridze as the chairman and deputy chairman of Board of Directors  respectively, with 98% voting in favour.

The board and management of TBC Bank Group PLC issued a statement regarding Khazaradze’s and Japaridze’s resignations today. The company thanked the Chairman and the Deputy Chairman “for their vision when they founded the bank” and “their invaluable contributions in successfully turning it into one of the largest and most respected companies in the South Caucasus”. The statement said the board “has full confidence in the integrity of Mr. Khazaradze and Mr. Japaridze.” 

TBC Bank, the leading Georgian banking company, is facing criminal investigation over money-laundering allegations involving a USD 17 million transaction that took place in 2008. The bank denies the charges, saying the transaction was legal and was inspected multiple times by the authorities, the National Bank and international auditors. For more information, visit our tag on TBC Bank.

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