TBC Bank chairman and deputy step down amid money laundering allegations
TBC Bank Group
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16:40 25/04/24
TBC Bank Group announced on Thursday that its chairman and deputy chairman have decided to step down from its board, with immediate effect.
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It came after Georgian prosecutors charged the pair with money laundering on Wednesday, over transactions worth $16.75m that allegedly occurred in 2007 and 2008.
The FTSE 250 firm said both chairman Mamuka Khazaradze and his deputy Badri Japaridze arrived at the decision to step down after “careful consideration”, in order to ensure that the allegations made against them did not affect the group, and to allow them to concentrate on refuting the allegations.
“The chairman and the deputy chairman intend to seek to re-join the board of TBC once all the claims made against them have been cleared,” the board said in its statement.
“The board has full confidence in the integrity of Mr Khazaradze and Mr Japaridze, and looks forward to the gentlemen quickly and fully clearing their names of any claims, including alleged money laundering.”
TBC Bank’s board said it had appointed senior independent director Nikoloz Enukidze to serve as chairman of TBC Bank Group with immediate effect, based on his “deep knowledge” of the bank, prior chairmanship roles in banking sector and “extensive” regional and international experience.