Posted: 4 years ago

TBC Bank Shares Fall As Ex-Chair And Deputy Face Georgian Charges

TBC Bank Group PLC said Wednesday its former chair and deputy chair are both set to be charged by the public prosecutor in Georgia, confirming no charges are set to be levelled at the firm itself.

Shares in TBC were 5.6% lower at 1,406.64 pence in London on Wednesday.

The Georgia-focused lender said the charges are related to transactions that took place between 2007 and 2008 involving its subsidiary TBC Bank JSC.

TBC emphasised that both former executives left the firm in early 2019 and "are not involved in day-to-day management of the group."

In February, TBC Chair Mamuka Khazaradze and Deputy Chair Badri Japaridze stood down amid investigations being undertaken by the National Bank of Georgia and the Office of the Public Prosecutor.

TBC added that there has been "no suggestion" of "any charges being brought" against TBC or any other unit of the firm.