Posted: 3 years ago

Business Ombudsman Offers TBC Founders to Hold Meeting

“We are ready to hold a meeting with TBC Bank founders if they have such information that we can share to each other. I am ready as a Business Ombudsman to have more information, Business Ombudsman of Georgia Irakli Lekvinadze noted.

The information spread about the bank founders and information that may be spread in the future, must not affect the company operation, Irakli Lekvinadze said.

As reported, the National Bank of Georgia instructed Mamauka Khazaradze and Badri Japaridze to withdraw from the supervisory board in 2 months. The NBG also suspended their right for making signature. As a result, at London Stock Exchange (LSE) the price of TBC Bank shares plunged and the company lost 52 million GBP for 24 hours.

In response to the question how the mentioned developments may affect TBC Bank operation, Irakli Lekvinadze note: “If we analyze international practice, in similar cases, to save the financial institution from essential shocks, the process is separated. Therefore, everybody should be interested that all these developments not make influence on the financial institution”.

TBC Bank is a system bank and to avoid dramatization of the process, the process must be separated, substantiated and full information must be provided, Irakli Lekvinadze said.