$16 million frozen on accounts of TBC Bank founders accused of money laundering
23 Aug 2019

TBC Bank co-founder Mamuka Khazaradze says that the equivalent of more than $16 million has been frozen on his accounts and on those of co-founder Badri Japaridze per a request of the Prosecutor’s Office.

“This action serves only one purpose – to bring an end to the public movement we have announced and to all ongoing charity and business projects, including Anaklia. We are not scared! We continue the struggle!” Khazaradze wrote on his Facebook page.

The Prosecutor’s Office had been looking into a possible case of money laundering as far back as August 2018.

Khazaradze and Japaridze were then charged on July 24, 2019 for laundering $16,664,000.

The case dates back to 2008, when LTD Samgori M and LTD Samgori Trade received a 17 million USD loan in an accelerated manner from TBC Bank without providing anything in collateral.

On the same day, the same amount was placed onto the personal accounts of Khazaradze and Japaridze, the Georgian Prosecutor’s Office claims.

Khazaradze and Japaridze deny the charges against them, and say that the case discredits the bank and affects the country’s economic image at large.

Read more at Agenda.ge

Photo: TopNika [CC BY-SA 2.0], via Wikimedia Commons

Count this content towards your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.