TBC Bank finds itself in hot water again
15 February, 2019
TBC Bank finds itself in hot water again
TBC Bank finds itself in hot water again. The National Bank of Georgia explains that after examining transactions conducted by TBC Bank 2007-2008 , it was revealed that Chairman and Deputy Chairman of TBC Bank's Supervisory Board violated the requirements of the legislation regulating conflict of interests. The NBG released a statement on Thursday, explaining the reasons of the request for suspension of signatory authority for Mamuka Khazaradze and Badri Japaridze.

"The National Bank of Georgia takes high responsibility for the
stability of the financial sector. Supervision of commercial banks is carried out in Georgia in accordance with the best international standards.

The NBG decided to suspend the signatory authority for the TBC Bank's Supervisory Board Chairman and Deputy. At the same time, the TBC Bank's shareholders' meeting was tasked to recall them from the supervisory board within 2 months.
TBC Bank's Supervisory Board Chairman Mamuka Khazaradze

The decision is triggered by violations of the requirements of the legislation regulating conflict of interests, which are linked to 2007-2008 transactions.

The National Bank emphasizes that TBC Bank is one of the leading financial institutions with its executive management. TBC Bank is a strong and sustainable credit institution and fully complies with existing economic standards and limits. It should also be noted that this supervisory decision of the National Bank of Georgia is not directed against "TBC Bank"…

The measures taken by the NBG will further improve the quality of the bank's corporate management, which ensures further development of TBC Bank and will make it more attractive for investors, "the National Bank said in a statement.

Zviad Kordzadze, lawyer of Mamuka Khazaradze who is the Chairperson of TBC Bank’s Supervisory Board, will file a lawsuit against the request of the National Bank for resignation of TBC Bank’s Supervisory Board Chairperson and Deputy Chairperson.

“It’s unclear why such a decision was made regarding the 11-year-old issue and it will be one of the motives for suing,” Kordadze said.

TBC Bank's Supervisory Board Chairman Mamuka Khazaradze posted on Facebook a statement:

"An organized campaign has been ongoing against TBC, Badri Japaridze and me for 8 months. Today the National Bank demanded to remove us from the company, which we created together 27 years ago and which today is a successful, international, London-based, multi-billion organization.
Post by Mamuka Khazaradze was originally written in Georgian on Facebook

The Tbilisi team of the bank includes 10,000 employees, who are hopeful of future. Today TBC is a world-class company in the business world, an institution that can make each Georgian proud. One of the most famous legal companies in the world, DENTONS studied the case, which is now being examined, and could not find any money laundering, abuse of power, conflict of interests or any other violation.

We will not give up our work, our freedom, our dignity; We will not tolerate injustice and we will protect the legal rights of TBC and its shareholders by all means available to us in local and international institutions.

It is also very suspicions that they made this hastened decision now, when we are so close to the country's most important project - the successful implementation of the Anaklia Port. I'm still hopeful of future and I want to thank all of you for supporting us! "- reads the statement.
Zviad Kordzadze, lawyer of Mamuka Khazaradze

The Association of Banks of Georgia supports TBC Bank, all its employees and calls on the stakeholders to refrain from excessive insinuations.

While we do not have specific details, we understand that the NBG is doing its job as the financial supervisor within the scope of its responsibilities, - Francois Painchaud, IMF Resident Representative in Georgia said in response to a question related to TBC Bank.

According to him, not taking action when the legal framework calls for action would damage the credibility of the financial supervisory framework and the NBG as an effective supervisor.

“Let me finally note that TBC bank is financially strong and well-capitalized. As far as we understand, there are no concerns at this stage about the financial soundness and stability of TBC bank”, - Francois Painchaud said.

Related stories:

Other Stories
US Congress condemns recognition of Abkhazia and so called South Ossetia, approves resolution
The US Congress has been presented a resolution that condemns recognition of independence of the regions of Georgia
No rapid breakthrough in cargo turnover between Georgia and Russia - Grigory Karasin
Grigory Karasin, Deputy Foreign Minister of Russia, does not expect a rapid breakthrough about the agreement made between Georgia and Russia in 2011 on cargo movement.
16 persons detained in connection with release of secret recordings
According to the Ministry of Internal Affairs, 16 persons have been detained in connection with the release of secret recordings.
Eka Beselia: “You will not be able to stop me, to make me stay silent, to disappear me!!!
MP Eka Beselia has posted an open letter on her Facebook page, following reports of sex tape leak.
CORRUPTION PERCEPTIONS INDEX 2018: Georgia got 58 out of 100
According to the CORRUPTION PERCEPTIONS INDEX 2018, Georgia scored 58 and was consequently ranked as 41 among 180 countries.
83% of Georgians support integration into the NATO, 78% into the EU – NDI
83% of NDI respondents support Georgia's integration into the EU, - the poll results of the National Democratic Institute say.
January 25 – birthday of the second president of Georgia
The 25th of January marks the 91st birthday of the second president of Georgia Eduard Shevardnadze.
Jack Shepherd from the UK detained in Georgia
A British man who went on the run last year after killing a woman in a speedboat crash on the River Thames has been detained in the former Soviet state of Georgia - says Reuters.
Georgia recognizes Juan Guaido as an interim president
Georgia recognized Venezuelan parliament speaker Juan Guaidó as an interim president.
Georgian PM aims to turn Georgian into a center of the region
Georgian PM Mamuka Bakhtadze is in Davos to participate in World Economic Forum. He gave interviews to two media outlets – CNBC TV and Deutsche Welle.
Judges that served the violent regime of Saakashvili should not be in the Supreme Court, says Eka Beselia
Eka Beselia, a member of the parliamentary majority, held a press conference in the Parliament today.
Possible confrontation within the Georgian Dream Party?
Eka Beselia, a member of the ruling party, will hold a news conference in the Parliament at 12:00 today.
13 dead from swine flu in Georgia, emergency treatment to be free for all
13 people died from swine flu in Georgia so far, but there is no risk of epidemy, says Georgian Minister of Health.
Georgian president Salome Zurabishvili not ready for launching diplomatic dialogue with Russia
I'm not ready to give any advice to the legislative body about the launch of the diplomatic relations or dialogue with Russia
Georgia suffering the steepest drop in democratic quality in eastern Europe
According to the statistics for the Democracy Index 2018, published by Economist Intelligence Unit (EIU),
“Let’s see if you can wrestle with women”- Interior minister to the opposition
Female Police officers were mobilized in front of the Gurjaani District Court where the case of Davit Kirkitadze, the member of the United Opposition was considered.
Georgian citizens can apply for temporary residency in France
150 permits for young specialists as well as additional 500 permits will be granted each year to go to work to France.
Numbers of Georgians seeking asylum in Germany has significantly decreased
According to Ambassador of Georgia to Germany Elguja Khokrishvili, the drop of asylum requests has been due to recently taken steps.
U.S. Congress supports Georgia with a new bill
Unanimously the U.S. approved the act, which calls for imposing sanctions on Russian actors for the commission of serious human rights abuses in the occupied Georgian territories of Abkhazia and South Ossetia.
‘Horn wrestling’ between opposition party leader and police chef
Yesterday on the 16th of December, clashes occurred between Nika Melia, leader of the United National Movement and Teimuraz Kupatadze, head of patrol police department in the village of Velistsikhe, Kakheti region (eastern part of Georgia).
Salome Zourabichvili officially becomes the fifth president of Georgia
The inauguration ceremony of president-elect Salome Zourabichvili took place in Telavi, Kakheti (eastern region of Georgia) on the 16th of December.
Fight erupt in paliament between Georgian MPs during session
Verbal and physical confrontation has occurred between MPs in the parliament.
Famous Georgians invited at the Inauguration of Salome Zourabichvili
The inauguration ceremony of president elect Salome Zourabishvili will be held in Telavi, Kakheti (eastern region of Georgia) on the 16th of December.
Exclusive interview with Lincoln Mitchell, American political analyst and Georgia expert
More than 20,000 people responded to the appeal of the opposition and gathered in front of the former parliament building in downtown Tbilisi last Sunday.
The after-pains of the presidential election in Georgia
Yesterday evening, at a meeting with his supporters in the Philharmonic Hall, the defeated candidate Grigol Vashadze made it clear that he didn’t recognize the result of the presidential elections and called for early parliamentary elections.
GEL Exchange Rate
Other Stories
On 26 May, Jean-Claude Juncker, President of the European Commission, joined celebrations in the Georgian capital of Tbilisi
Violation of Georgia’s sovereignty and territorial integrity by Assad regime has been strictly criticized
Exactly one year ago, Georgia was granted visa-free travel with the European Union.
Georgia’s ex-president president Mikheil Saakashvili's supporters managed to free detained Mikheil Saakashvili in the center of Kiev.
The US Ambassador to Georgia Ian Kelly congratulates Georgia on Independence Day.
The regulations on the introduction of visa-free travel for citizens of Georgia have been officially signed in Brussels.
The entire Georgia is involved in Secret Santa game, which means that people are sending gifts to each other secretly
The Minister of Foreign Affairs of Georgia is taking part in NATO Ministerial underway in Brussels, Belgium.
A special squad has been mobilized at the 48th polling station in Marneuli, Kvemo Kartli region.
Two politicians in Georgia have come to blows during a live TV debate ahead of the country’s parliamentary elections, Euronews reports.
GEL Exchange
March 2019
Mon Tue Wed Thu Fri Sat Sun
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31