Georgian ombudswoman studies case of alleged laundering of $16.7 mln by TBC bank founders

TBC founders say that they never laundered money. Photo: Lelo for Georgia press office., 15 Jan 2020 - 18:52, Tbilisi,Georgia

Georgian Public Defender’s Office has studied the high-profile case of alleged laundering of $16,664,000 by TBC bank founders Mamuka Khazaradze and Badri Japaridze and concluded that “the case materials reveal no elements which [could be] considered money laundering.” 

The 13-page document released by the Public Defender’s Office has been presented by Khazardze’s lawyer Zviad Kordzadze at today’s trial of the case at Tbilisi City Court, saying that the Georgian public defender said “there was no money laundering.” 

The Georgian Prosecutor’s Office launched an investigation into possible money laundering on August 2, 2018, after the Georgian Financial Monitoring Service sent them a written note about a possible violation taking place in 2007- 2008.

Khazaradze and Japaridze who call the charge “absurd” say that they took the money as a loan from Avto Tsereteli, a businessman with whom they had a ‘friendly relationship’, as the bank faced problems in 2007.

Shortly after being charged Khazaradze entered politics and founded a civic movement and a political party.