Banking
Posted: 1 month ago

Mamuka Khazaradze: I Have Made Decision to Quit TBC Bank

Mamuka Khazaradze has released a special statement in the social network:

“Dear friends, Tbilisi residents, those, who back me and TBC team! First of all, I would like to thank you for your 27-year friendship, support and joint business. Our life is full of episodes, when we have to take important decisions and I have frequently taken similar decisions in my life. I will not repeat statements about how much pressure is staged on our team and the bank. As a result, our international shareholders lost 200 million USD for a month and our country has also lost serious resources.

Without any investigation and court decision they have hit our reputation regarding alleged money laundering, while absurdity of this allegation has been confirmed on international level. Regretfully, no state official has expressed intention, neither the Prime Minster nor ministers, to meet with us and personally explore this issue, which is of much importance for us and the whole country, despite I have personally sent a written letter and forwarded corresponding documents to them. Nobody has answered my request. In turn, I have heard a lot of their comments in public space. I have realized that their goal is to discredit me and I have also realized that the success is not tolerated in Georgia. I have realized that the company growth in Georgia is limited. This attack on my person will be directly reflected on the bank’s reputation, whilst a commercial bank cannot remain in permanent court trials with its regulator, even more so this body is not free in its decisions, despite its high-quality independence is guaranteed by the legislation. 

Today, TBC Bank’s supervisory board took a decision to cease legal dispute against the National Bank of Georgia on behalf for the bank, its stakeholders and depositors. Consequently, I have taken a decision to quit the Bank, where I have spent 27 years, the bank that I have made the region’s major player jointly with my friends through only 500 USD. I hope my decision will make positive influence on development of the bank in stable and peaceful environment.

I will spend all my energy on implementing Anaklia project, which is of vital importance for our country. I hope I will have the opportunity to complete this project. On Tuesday, as I promised to the Parliament and our society, I will attend the parliament committee hearing to introduce the case details to them in peaceful environment. At the same time, I will independent continue defending my rights at court, as a private person, in Georgia and abroad.