Price of Georgian TBC Bank stocks on London Stock Exchange increases
The price of stocks of the Georgian TBC Bank started to decrease on 14 February. Photo: shutterstock.
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The price of stocks of the Georgian TBC Bank, whose founder Mamuka Khazaradze announced his resignation earlier today, has started to increase.
The price of one stock at the London Stock Exchange amounted to £12.9 late yesterday, while the price now is £13.26.
The price of stocks of the TBC Bank started to decrease on 14 February, when the National Bank of Georgian demanded the withdrawal of the bank’s top figures Mamuka Khazaradze and Badri Japaridze from the bank’s supervisory council due to a money laundering case being investigated by the Georgian Chief Prosecutor’s Office.
Khazaradze stated today that TBC Bank’s foreign shareholders have experienced losses of 200 million USD over the past several days due to the row related to the investigation.
A TBC Bank statement released today reads that both Khazaradze and Japaridze quit the bank’s supervisory council.
The Prosecutor's Office says that its Financial Monitoring Service launched a study of financial assets of TBC Bank, its client companies, bank administrators and particular shareholders in May 2018, which revealed that there were “signs of money laundering”.
Founder of the Georgian leading bank TBC Mamuka Khazaradze has announced his resignation from the bank’s supervisory council amid a row related to a money-laundering case involving him and another top banker at TBC, Badri Japaridze.
Founders of the Georgian leading Bank TBC Mamuka Khazaradze and Badri Japaridze have met journalists in the afternoon amid the controversies related to the money laundering case involving the bank.
Georgian Prime Minister Mamuka Bakhtadze has called upon the public to refrain from political speculations regarding the TBC Bank-related case, as the issue is not political.
The Georgian Chief Prosecutor’s Office has released new details regarding the high profile money laundering case involving TBC Bank founders Mamuka Khazaradze and Badri Japaridze.
Co-founder of TBC Bank Mamuka Khazaradze has demanded the resignation of the head of the National Bank of Georgia Koba Gvenetadze and the creation of an investigation commission regarding the money-laundering case involving top former TBC bankers.
The Georgian Chief Prosecutor’s Office has dismissed a statement made yesterday by TBC Bank founder Mamuka Khazaradze that he had informed prosecutors regarding the“threatening letter” he received from Interior Minister Giorgi Gakharia ahead of the second round of Georgian presidential elections in November 2018.
TBC Bank Founder Mamuka Khazaradze says that he has sent a letter he claimed he received from Interior Minister Giorgi Gakharia and which allegedly included threats against him and TBC Bank, to London to be studied, while a copy has been handed to the Georgian Prosecutor’s Office.
Georgian Chief Prosecutor’s Office has started investigating the letter Georgian TBC Bank founder Mamuka Khazaradze says he received from current PM, Giorgi Gakharia, at the end of 2018, and which “contain threats to him.”
Independent international expert Pauline David, selected in open competition by Transparency International Georgia, says in her report released today that there is no basis to prove TBC Bank founders Mamuka Khazaradze and Badri Japaridze or businessman Avtandil Tsereteli (connected with the case) committed a money laundering offence, either individually or as co-conspirators.