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EUGBC Suggests Create Monitoring Commission on TBC Bank’s Case

EU-Georgia Business Council (EUGBC) issued an official statement in regards to TBC Bank case. EUGBC expressed its support for TBC by stating that it is a company which has achieved a significant success. 

EUGBC has also suggested to create a monitoring commission of the business representatives composed by 8 members (Investors Council members Business Associations, Business Ombudsman, representatives of Prosecutors office and National bank).

The full statement reads as follows:

“From the day of restoration of independence, Georgia has encountered difficulties, progressed economically and is still developing. Over the last decades, efforts of a small number of existing Georgian business companies have clearly shown us that in the near future Georgia may become a country adhering to modern European standards. Achieving this goal is a difficult process, but by joining forces and efforts, Georgia may become a leading country in the region.

One of those successful companies is TBC Bank. It is always a hard task for a bank in the developing countries to gain popularity. However, “TBC” is a Bank Institution managed to achieve significant success. Listing of its shares on London Stock Exchange is a proof that our country has strong financial institutions, particularly in the banking sector.

Therefore, we express our concern over the current difficult situation around the top management of TBC Bank and we appeal for a transparent study and investigation of the issue.

We regret that this concerns not only TBC Bank, but also has potential for damaging the image of the country itself and its future economic development.

Needless to say, based on the rule of law, all the actions and processes must be proper and transparent, at all times subject to due process. Furthermore, delays with the investigation of the case will harm not only the government, but the general interests of the country as well.

According to the statement of TBC Bank, well known International Law Firm Dentons is also involved in the process.

EU-Georgia Business Council will act in accordance with fair interest of its member company and, in case of need by the consent of Prosecutor’s Office, expresses its readiness to be engage in the process and to be created monitoring commission of the business representatives composed by 8 members (Investors Council members Business Associations, Business Ombudsman, representatives of Prosecutors office and National bank).

We express hope and trust that the case be handling with utmost efficiency and be transparent to the public in general as well as for the business sector.

EU-Georgia Business Council will act in accordance with fair interest of its member company and, in case of need by the consent of Prosecutor’s Office, expresses its readiness to be engage in the process and to be created monitoring commission of the business representatives composed by 8 members (Investors Council member Business Associations, Business Ombudsman, representatives of Prosecutors office and National bank).

We express hope and trust that the case be handling with utmost efficiency and be transparent to the public in general as well as for the business sector.”