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TBC Bank Filed a Lawsuit against National Bank of Georgia

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BM.GE
16.02.19 01:07
1177

TBC Bank has filed a lawsuit against National Bank of Georgia (NBG) for their decision to suspend authority for the TBC Bank's Supervisory Board Chairman Mamuka Khazaradze and Deputy Badri Japaridze.

The statement was made by the press office of TBC bank. 

National Bank of Georgia ordered the firing of Chairman and Deputy Chairman of the Supervisory Board of TBC Bank, Mamuka Khazaradze and Badri Japaridze. This decision has to be implemented within the course of next two months. 

Mamuka Khazaradze thinks that this decision is a part of a campaign to damage his reputation. “The NBG wants to distance us from the company we created together 27 years ago and which is now successful, international, London-based, multi-billion organization with theteam of up to 10,000 people...We will not give up our job, our freedom, our dignity. We will not tolerate injustice and we will defend the legal right of TBC and its shareholders in local and international institutions,” TBC Bank's Supervisory Board Chairman stated.

According to the official statement issued by NBG, the decision is based on the facts of violating the certain regulatory norms and requirements set by the legislation regulating conflicts of interests issues. The identified infringements that were detected through the inspection conducted by NBG, are linked to the transactions that took place in 2007-2008.

"The inspection revealed the violation of certain norms and requirements regulating conflicts of interests by the head and the deputy head of the Supervisory Board”, reads the statement.