TBC Bank founders each get 700,000 GEL bail
Earlier this week Khazaradze and Japaridze have been charged with laundering $16.7 million back in 2008, an accusation they say is “absurd". Photo: 1TV.ge
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A Tbilisi City Court has set 700, 000 GEL bail each for TBC Bank co-founders Mamuka Khazaradze and Badri Japaridze. They also have been banned from leaving the country without the consent of the prosecutors.
Khazaradze’s lawyer thinks the developments around TBC damage not only the bank, but the country’s overall image as well.
Earlier this week Khazaradze and Japaridze were charged with laundering $16.7 million back in 2008, an accusation they say is “absurd.”
The Georgian Chief Prosecutor’s Office demanded one million GEL bail from each as a restraining measure.
TBC Bank, one of the leading banks in Georgia, was founded in 1992. Photo: ghn.ge
The National Bank of Georgia (NBG) stated on July 26 that TBC Bank is one of the leading financial institutions in the country and the region and it remains “strong and sustainable”.
The NBG also said that Khazaradze and Japaridze are not the members of the bank’s supervisory council from April 2019 and the developments around the bank do not affect its operations.
Founder of the Georgian leading bank TBC Mamuka Khazaradze has announced his resignation from the bank’s supervisory council amid a row related to a money-laundering case involving him and another top banker at TBC, Badri Japaridze.
TBC Bank founders Mamuka Khazaradze and Badri Japaridze have stated that they will leave top managerial posts in the Anaklia Development Consortium to “protect the Anaklia Port project and end speculations.”Khazaradze chairs the managing council of the consortium, which is tasked to attract funds for the $2.5 billion port construction, while Japaridze is his deputy.
The Georgian Chief Prosecutor’s Office have summoned TBC founders Mamuka Khazaradze and Badri Japaridze to charge them [later today] with laundering $16,754,000. The Prosecutor’s Office launched an investigation into possible money laundering on 2 August 2018, ‘after the Georgian Financial Monitoring Service sent us a written note about a possible violation’ taking place in 2007- 2008.
Founder of TBC Bank Mamuka Khazaradze has announced plans to create a new public movement in September, which will attempt to unite Georgia and preserve the country’s freedom and independence.
TBC Bank co-founder Mamuka Khazaradze says that the equivalent of more than $16 million has been frozen on his accounts and on those of co-founder Badri Japaridze per a request of the Prosecutor’s Office.
Georgian businessman Avtandil Tsereteli has been charged as an accomplice in a money laundering case concerning the founders of TBC Bank Badri Japaridze and Mamuka Khazaradze, who have been charged with laundering $16,164,000.
The Prosecutor's Office of Georgia has requested the UK bank accounts of TBC Bank founders Mamuka Khazaradze and Badri Japaridze be frozen.
TBC Bank founders Mamuka Khazaradze and Badri Japaridze, charged with laundering $16,664,000, are going to appeal to the European Court of Human Rights in the near future, their lawyer Zviad Kordzadze says.
A pretrial hearing has been held in the high-profile money-laundering case involving Georgia’s top bankers Mamuka Khazaradze and Badri Japaridze and a businessman Avto Tsereteli. Both the defence and prosecution have presented their evidence in the case which concerns the possible laundering of $16 million.
TBC Bank has received a license from the Central Bank of Uzbekistan to launch operations in the country starting June 2020.
Independent international expert Pauline David, selected in open competition by Transparency International Georgia, says in her report released today that there is no basis to prove TBC Bank founders Mamuka Khazaradze and Badri Japaridze or businessman Avtandil Tsereteli (connected with the case) committed a money laundering offence, either individually or as co-conspirators.
Public Defender of Georgia Nino Lomjaria says there is no evidence pointing at signs of money laundering in an ongoing case against TBC Bank founders Mamuka Khazaradze and Badri Japaridze, who were charged by the Prosecutor’s Office of Georgia on July 24, 2019 for laundering $16.7 million.
Political party Lelo has nominated former MP of the ruling Georgian Dream party Levan Koberidze in Vake constituency of Tbilisi which was a surprise for Elene Khoshtaria – the joint opposition candidate in the constituency in the October parliamentary elections.
Lelo for Georgia political party leader and co-founder of TBC Bank Mamuka Khazaradze has urged for a large-scale, national reconciliation in Georgia after the conduct of repeat parliamentary elections.
Centrist opposition party Lelo for Georgia has nominated candidates for Tbilisi mayor and head of Tbilisi City Assembly late yesterday, ahead of the October 2 municipal elections.
The final hearing in a case of alleged money laundering involving founders of TBC Bank and current leaders of the Lelo Opposition party, Mamuka Khazaradze and Badri Japaridze, has been postponed to January 11 on the request of the prosecution.
Founders of TBC Bank and current leaders of the Lelo opposition party Mamuka Khazaradze and Badri Japaridze have been found guilty of fraud and sentenced to seven years in prison by Tbilisi City Court today, but due to the statute of limitations their prison time was waived.
Georgian politicians from all sides of the political spectrum have responded to yesterday’s conviction of TBC Bank and Lelo Party founders Mamuka Khazaradze and Badri Japaridze in a case dating back to events in 2008.