July 25 2019
Georgian prosecutors charged TBC Bank Group’s (TBCG.L) chairman and his deputy on Wednesday with money laundering, a move the bankers said was absurd and damaged prospects for attracting investment to the country.
Mamuka Khazaradze, chairman of the group that owns Georgia’s biggest retail bank and also a prominent government critic, and his deputy Badri Japaridze were charged with “laundering illegal revenues worth over $16.75 million,” prosecutors said.
TBC Bank JSC, the corporate division of TBC Bank Group, was investigated this year by the National Bank of Georgia, or central bank, and the office of public prosecution over transactions that took place in 2007 and 2008.
