Lelo Party leader Khazaradze suggests usury become punishable by law in Georgia

Founder of political party Lelo Mamuka Khazaradze has proposed an initiative to make usury punishable by law in Georgia. 

In his interview with local TV Pirveli channel Khazaradze, who comes to politics from the banking sector as the founder of the country’s biggest bank, said that people often misunderstood what a bank is and what usury is.

At the demonstrations [people] come and tell me that they owe a lot to the bank. I ask them 'to which bank'? To one of the 16 banks that have made a name for themselves in the world and created the largest industry [in Georgia]? Finally it turns out that they are dealing with the micro-financing organisations or with a private entity", said Khazaradze.

He said that he was also called an 'usurer' and wanted to make clear that 'usurer' is a private entity who lends money to other people at unreasonably high rates of interest. 

I take the initiative to make these activities in Georgia punishable by law", Khazaradze said.

To note, Lelo, created last year by the co-founders of TBC Bank Mamuka Khazaradze and Badri Japaridze, has the highest support of voters among newly formed parties in Georgia, says the election polls conducted by British company Survation, commissioned by Georgian Rustavi 2 TV channel.