$16 million frozen on accounts of TBC Bank founders accused of money laundering
“This action serves only one purpose – to bring an end to the public movement we have announced and to all ongoing charity and business projects, including Anaklia“, says Khazaradze. Photo: 1TV.
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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.
This action serves only one purpose – to bring an end to the public movement we have announced and to all ongoing charity and business projects, including Anaklia. We are not scared! We continue the struggle!” Khazaradze wrote on his Facebook page.
The Prosecutor’s Office had been looking into a possible case of money laundering as far back as August 2018.
Khazaradze and Japaridze were then charged on July 24, 2019 for laundering $16,664,000.
The case dates back to 2008, when LTD Samgori M and LTD Samgori Trade received a 17 million USD loan in an accelerated manner from TBC Bank without providing anything in collateral.
On the same day, the same amount was placed onto the personal accounts of Khazaradze and Japaridze, the Georgian Prosecutor’s Office claims.
Khazaradze and Japaridze deny the charges against them, and say that the case discredits the bank and affects the country’s economic image at large.
They said that the transaction in question took place in full compliance with the law and that leading financial institutions have confirmed this in audits.
Mamuka Khazaradze’s TBC Group is a co-founder of the Anaklia Development Consortium, which is building the Anaklia Deep Sea Port in the country’s Black Sea town of Anaklia.
Since the allegations have been made against them, Khazaradze and Japaridze have left their top managerial posts at the Anaklia Development Consortium to“protect the Anaklia Port project and end speculations.”
Founder of TBC Bank Mamuka Khazaradze announced plans to create a new public movement in September, which “will attempt to unite Georgia and preserve the country’s freedom and independence”.
Conti Group, the US-based construction and development company and founder of the Anaklia Development Consortium together with TBC Holding, is leaving the consortium, announces Georgian media outlet accentnews.ge.
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The Anaklia Development Consortium, overseeing the construction of Anaklia deep sea port, will have three new members in its supervisory board, which are expected to be approved at the consortium’s meeting of shareholders scheduled for later this month.
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. The Georgian Chief Prosecutor’s Office demanded one million GEL bail from each as a restraining measure.
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.
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.
Georgian businessman Avtandil Tsereteli, accused of complicity in the money laundering case concerning TBC Bank founders Mamuka Khazaradze and Badri Japaridze, has posted 500,0000 GEL ($168,350/€152,728) bail, his lawyer Kakha Tsereteli says.
TBC Bank co-founder Badri Japaridze intends to sue Deputy Chairman of Parliament Gia Volski for ‘slander and degrading statements against the honour and dignity of himself and co-founder Mamuka Khazaradze.