TBC bank has made an announcement that National Bank of Georgia has demanded Mamuka Khazaradze to leave Supervisory Board of TBC bank.
Statement of TBC bank reads as follows:
"TBC Bank has been subject to an inspection by its regulator, the National Bank of Georgia(the "NBG"), in connection with conflict of interest in certain transactions which took place in 2007 and 2008.
In regards to that inspection, today the NBG requested the Chairman and Deputy Chairman of TBC PLC to cease additional positions that they currently hold as board members and Chairman and Vice-Chairman of the Supervisory Board of TBC Bank within two months. The Chairman and Deputy Chairman will continue in those roles on the Board of TBC PLC."
NBG has issued a statement noting that they have sacked Mamuka Khazaradze and Badri Japaridze from the legal authority to sign documents as members of Supervisory Board of TBC bank.
According to the official statement by the Prosecutor's Office of Georgia in 2008, Mamuka Khazaradze and Badri Japaridze have taken $17 million as a loan from a bank they have founded and owned significant amout of shares. Prosecutor’s office states that transactions were masked as loans for companies Samgori and Samgori Trade, but in reality they were destined for Japaridze and Khazaradze. NBG has fined TBC bank with 1 million GEL, this decision has been appealed by TBC.
