Banking Association on TBC case: ‘We won’t Allow Deliberate Slanderous Campaign’
By Gvantsa Gabekhadze
Friday, January 11
The Banking Association of Georgia says that it will permanently protect the interests of its member banks and will not allow deliberate slanderous campaign against the leading financial institution of the country, referring to the recent statement of the Georgian Chief Prosecutor’s Office that it is investigating possible money laundering which involves the top private bank of Georgia- TBC.
“The banking sector of Georgia is distinguished with high stability and it is the guarantor of the economic development of the country. The financial sector transparency, continuous positive assessments of international rating companies and the activity on the international financial institutions and investors in the field demonstrate high levels of credibility,” the statement of the Banking Association reads.
The statement says that incorrect interpretation of recent developments around TBC bank and speculations with the high interest of the public can damage the correct perception of the real information and create wrong expectations regarding the process.
“The banking sector is constantly under the monitoring and supervision of local regulators, international auditors, rating companies and investors, which ensures maximum stability and sustainability of TBC Bank as well as the entire banking sector,” reads the statement.
The Georgian Chief Prosecutor’s Office stated on Wednesday that it started an investigation into money laundering involving TBC Bank in August 2018.
The office stated that the case concerns developments in 2008 when LTD Samgori M and LTD Samgori Trade received a 17 million USD loan in an accelerated manner from TBC Bank without providing any real estate as a guarantee.
The Prosecutor’s Office claims that when the money was placed on the accounts of the companies, head and founder of TBC Mamuka Khazaradze and another top figure of the bank Badri Japaridze took the same amount of loan as physical entities from TBC.
The Prosecutor’s Office says that at the end of 2008, TBC wrote off the debt of the companies.
TBC says that it is a “deliberate campaign against them to discredit the bank’s image.”
The bank vows that the “ordinary banking operation” was checked under the previous and current state leaderships and was verified by international auditors.
TBC says that it will use all levers to protect its interest.
