Georgian PM dismisses risk of financial instability due to TBC Bank case
Georgian PM said that Georgia has strong financial institutions and praised TBC Bank’s achievements in the field. Photo: PM's press office.
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Georgian Prime Minister Mamuka Bakhtadze spoke about the TBC Bank case at today’s press briefing, where he said that the questions raised in relation to any individual shareholder will not weaken the bank’s standing.
In January this year, the Georgian Chief Prosecutor’s Office started an investigation into money laundering involving TBC Bank in August 2018.
The office said that its Financial Monitoring Service launched a study of financial assets of TBC Bank, its client companies, bank administrators and particular shareholders in May 2018, which revealed that there were “signs of money laundering”.
- More about the TBC Bank case can be found here.
In response to journalists’ questions today Bakhtadze said that “I hear more speculations with regard to TBC Bank than argumentative responses” and urged everyone to wait for the results of the investigation.
Bakhtadze said that Georgia has strong financial institutions and praised TBC Bank’s achievements in the field. He also said that TBC Bank ‘as well as any other bank’ represents the financial stability of the Georgian financial sector.
I think that all questions should be raised and answered, and I cannot agree with the idea that this can negatively affect Georgia's financial stability, because it is far from reality.
It is a great achievement for us that our companies are on the London Stock Exchange. I want to thank all those who contributed to this, because this has opened a way for the Georgian companies to have access to international capital. Our financial stability is very high and this is confirmed by all international financial institutions”, said Bakhtadze.
Georgian Finance Minister Ivane Matchavariani also talked about TBC Bank today, saying that TBC Bank has and will have high reputation.
Matchavariani said that the Chief Prosecutor’s Office had questions with “specific individual” and the Ministry of Finance and its Investigation Service does not have “problems with the bank”.
The Prosecutor's Office says that its Financial Monitoring Service launched a study of financial assets of TBC Bank, its client companies, bank administrators and particular shareholders in May 2018, which revealed that there were “signs of money laundering”.
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