TBC Bank

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Mamuka Khazaradze. Photo: Mariam Nikuradze/OC media.

Anaklia Port

TBC bank founder and Georgian opposition leader found guilty of fraud

by Tata Shoshiashvili

•3 min read

Mamuka Khazaradze, one of the founders of TBC Bank and the leader of the Lelo Party, has been found guilty of fraud but spared jail by Tbilisi City Court. Khazaradze, along with TBC co-founder Badri Japaridze and businessman Avtandil Tsereteli were each given seven years in prison, however, their sentences were commuted as the statute of limitations for fraud had expired. All three were on trial for the more serious offence of money laundering, but the court re-qualified the charges to fraud

Anaklia Port

TBC Bank founders set up ‘political movement’ ahead of 2020 election

by OC Media

•5 min read

On Thursday, the two founders of TBC Bank Group, who the prosecutor’s office charged with laundering almost $17 million in July, announced that they are establishing a political organisation, which they plan to turn into a political party in time for Georgia’s 2020 parliamentary elections. Former chair of the TBC board Mamuka Khazaradze, and former deputy chair, Badri Japaridze hosted a presentation of the ‘political movement’, titled ‘Lelo’, in Anaklia. As Khazaradze put it, ‘the closest

Anaklia Port

TBC Bank founder Khazaradze charged with money laundering

by OC Media

•5 min read

The Georgian Prosecutor’s Office has charged two of the founders of TBC Bank Group, the former chair of the board Mamuka Khazaradze, and former deputy chair, Badri Japaridze, with laundering almost $17,000,000. A spokesperson for the Prosecutor’s Office said that they had appealed to the court to place the two in pre-trial detention. The court’s decision is pending. If found guilty of laundering a ‘particularly large’ sum of money by ‘more than one person’, the two face 9–12 years in pr

Anaklia Port

Anaklia port warns of ‘suspension’ after government briefly greenlights Poti port

by OC Media

•4 min read

Anaklia Development Consortium warned on Thursday that the Anaklia Deep Sea Port project was at risk after finding out that the Georgian government had sanctioned construction of the Poti port. Following backlash, the Georgian economy minister said she knew nothing about the license and revoked the document, which she insisted was not a building permit. The controversy started on 29 May with the statement of Anaklia Development Consortium, a group of local and international companies workin

Anaklia Port

Georgian Dream ‘will not open parliamentary probe’ into Khazaradze affair

by OC Media

•6 min read

Georgia’s ruling Georgian Dream party has said they will not open a parliamentary probe into claims by former TBC head Mamuka Khazaradze that the interior minister threatened him. Khazaradze has claimed that Interior Minister Giorgi Gakharia demanded he influence two TV channels’ coverage of the 2018 presidential elections, and to make a public statement against the opposition on the eve of the presidential run-off. The European Georgia Party, the largest opposition group in parliament, h

Anaklia Port

Former TBC head accuses Georgian interior minister of ‘threats’

by OC Media

•5 min read

The founder of one of Georgia’s largest banks, TBC, has accused the interior minister of sending him a ‘threatening’ letter during last autumn’s presidential elections. Mamuka Khazaradze, the former chair of TBC Bank Group, gave a statement to the Prosecutor’s Office on Tuesday in the presence of a judge at Tbilisi City Court. ‘I’ve submitted a copy of the letter to the Prosecutor’s Office; the original has been sent to London for expert analysis’, Khazaradze told journalists following th

Anaklia Port

TBC Bank chairs step down over money laundering investigation

by OC Media

•4 min read

The Chair and Deputy Chair of TBC Bank Group PLC, which owns one of Georgia’s largest banks, TBC, have resigned. The resignations followed a demand from the Georgian National Bank a week ago that they go, due to an ongoing investigation into possible money laundering. The National Bank demanded that TBC let go of the two citing alleged violations that occurred 11 years ago. The case is being investigated by the Prosecutor’s Office. Mamuka Khazaradze, the chair of London-based TBC Bank