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.
geotv.ge
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.
geotv.ge
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:



Print
Other Stories
"Georgia has a long way to go in Tourism"
Because of the booming tourism industries, the Georgian government starts to implement regulations. “But this happens not fast enough, not efficient enough and not rigorous enough”, says Stefan Meister from the Heinrich Böll Stiftung.
Former US diplomat Matthew Bryza discusses Georgia, NATO membership and Trump’s presidency with GJ
How can we explain the statement made by the former Secretary-General of NATO, Anders Fogh Rassmussen about the possibility for Georgia to join NATO?
NATO Parliamentary Assembly President Madeleine Moon visits Khurvaleti village
President of the NATO Parliamentary Assembly Madeleine Moon has arrived in the village of Didi Khurvaleti, in the Gori municipality, located near the Administrative Boundary Line.
“Georgia could soon be ready for regulations”
“With big money you can either build or destroy something”, says Vano Vashakmadze. The consultant for development in tourism helped to work out the new zone planning implemented by the government.
Mamuka Khazaradze establishes Lelo movement
The public movement of TBC Bank's founder Mamuka Khazaradze will be called Lelo.
TBC Bank founder Mamuka Khazaradze to establish social movement in Anaklia
The presentation of the social movement of the founder of TBC Bank Mamuka Khazaradze will be held tomorrow, September 12, in Anaklia. The event begins at 12:00.
Anders Fogh Rasmussen offers Georgia a way to join NATO
Georgia should start an internal discussion of whether it would be acceptable to join NATO without Abkhazia and South Ossetia, - Anders Fogh Rasmussen, former Secreatry General of North-Atlantic Teaty Organisation, said.
“These protests are different”
«In Georgia protesting is almost a tradition», says the historian Simon Janashia who works at the American School in Tbilisi. But the current demonstrations are profoundly different.
Kelly Degnan nominated as the next U.S. ambassador to Georgia
President Donald Trump has submitted the nomination of Kelly Degnan to serve as the next U.S. ambassador to Georgia.
Development of the Anaklia deep sea port should be in the interest of every Georgian, says Kurt Volker
Importance of the Anaklia deep sea port is huge for Georgia and the Georgians have heard about it from many politicians inside or outside of the country.
Clashes and whistling in the Georgian Parliament after nomination of new PM
Clashes took place at the entrances to the Parliament building today, as protesters held the "Shame on You" event.
“Georgian Dream” Party introduced Georgy Gakharia as Prime Minister
“Georgian Dream” party has introduced Interior Minister Georgy Gakharia to the post of Prime Minister.
Georgian Prime Minister Mamuka Bakhtadze has resigned
Prime Minister Mamuka Bakhtadze has resigned. Bakhtadze released the relevant statement on the social network.
There will be no war with Georgia, says De-facto official
Georgia's provocative actions at the "borders of South Ossetia" are just an attempt by the Georgian authorities to divert their population's attention from acute domestic problems
After the summer Tbilisi is expecting another hot season
Every evening in June and July hundreds of protesters came to the parliament to demonstrate.
Why so called South Ossetian delegation gave ultimatum to the Georgian side?
Representatives of de-facto regime of the Tskhinvali region gave ultimatum to the Georgian side to abolish the Georgian police block post near Tsnelisi until 6:00am, August 30th.
Former Russian Duma member sees theoretical chance of solution the Abkhazia problem
Former member of the Russian Duma, Ilya Ponomarev, believes that there is a theoretical chance of resolving the problem of occupied Abkhazia
Georgian president calls Brexit new opportunity (Watch video)
Georgians feel that they are Europeans. It is not something they are striving for. They are European, President of Georgia Salome Zurabishvili said in her interview with Euronews.
So called elections in Abkhazia go into second round
The “Presidential elections” in Abkhazia do not bring a clear leader. Nor are they recognized by a variety of states, among them the US, the UK, Ukraine and Latvia.
Representatives of diplomatic corps arrive in Gugutiantkari
Representatives of the diplomatic corps and the Government of Georgia are in the outskirts of the Gugutiantkari village of Gori municipality,
US State Department condemns Russian occupation of Georgia’s territories
The US state department has issued a statement condemning Russian occupation of Georgian territories – Abkhazia and Tskhinvali Region.
What went wrong in the 2008 August War? – Mikheil Saakashvili recalls
Today Georgia marks 11 years since the 2008 August War. After 11 years, there still are many unanswered questions.
After 11 years, Georgia commemorates the August War
It has been 11 years since the 2008 August War in Georgia. Officials and different politicians once again commemorated the date and made statements about the ongoing occupation of Georgia’s territories by Russia.
International Republican Institute’s (IRI) Center publishes fresh survey
A new nationwide public opinion survey of Georgian citizens by the International Republican Institute’s (IRI) Center for Insights in Survey Research
First comments made after Strasbourg Court’s decision over Rustavi 2
Rustavi 2 TV shareholder Kibar Khalvashi made first comment about the Strasbourg Court’s decision over Rustavi 2.
PHOTO OF THE DAY
GEL Exchange Rate
Convertor
20.09.2019
21.09.2019
USD
1
USD
2.9738
2.9759
EUR
1
EUR
3.2902
3.2860
GBP
1
GBP
3.7027
3.7223
RUB
100
RUB
4.6406
4.6659
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
USD
1
USD
2.9759
EUR
1
EUR
3.2860
GBP
1
GBP
3.7223
RUB
100
RUB
4.6659
September 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