Wednesday, October 28, 2020

Founders of Georgia’s TBC Bank step down in wake of money laundering charges


The Chief Prosecutor’s Office of Georgia has filed criminal charges against Mamuka Khazaradze and Badri Japaridze, the founders of Georgia’s TBC Bank, who are accused of laundering close to 17 million US dollars.

The Prosecutor’s Office launched an investigation against the two owners in 2008. According to the chief prosecutor, TBC Bank gave a loan of 16,754,000 million US dollars to two smaller companies on the same day in May 2008 when the same amount of money was transferred to the bank accounts of Mr Khazaradze and Mr Japaridze.

“However, in about a month, on December 31, 2008, the bank wrote off the debt without demanding the real estate provided as a guarantee or receiving the money by the guarantors,” wrote, quoting the Chief Prosecutor’s statement, adding that TBC freed the two companies from its financial obligations in 2012.

Read MoreGeorgia’s prosecutors charge TBC Group’s chairman with money laundering

- Advertisement -

After being summonsed to the Prosecutor’s Office, Mr Khazaradze blasted the allegations, saying that the 17 million US dollars he received was from Avto Tsereteli, a TBC-friendly businessman who promised to help with the bank’s financial problems back in 2007.

He also stressed that the loan in question was written off due to the Russia-Georgia war in 2008 that resulted in the bankruptcy of many companies. “We have written off 100,000 loans over the past 10 years,” he added.

“The Board of Trustees of TBC Bank Group is confident Mamuka Khazaradze and Badri Japaridze are innocent and look forward to refuting all disputes against them,” TBC officials said in a statement, noting that both Mr Khazaradze and Mr Japaridze resigned from their position of chairman and deputy chairman.

Mr Khazaradze had also announced plans to launch a new civil movement in September.

- Advertisement -


Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World


Latest News

This Week

Two U.S. Navy service members get prison for defrauding military insurance program

Two U.S. Navy service members were sentenced in San Diego federal court Friday for their roles in an insurance fraud scheme that involved making false medical claims to...

Greek ex-minister Tsochadzopoulos, wife sentenced for money laundering

Former minister Akis Tsochadzopoulos, his wife and his cousin were found guilty of money laundering by a criminal appeals court on Tuesday. Each was served...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Former Harris County deputy constable pleads guilty to transporting drug money and heroin

A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks