Court: Khazaradze, Japaridze to Post 700K Bail, Stay in Country

Tbilisi City Court ruled that the founder and former Board Chair of the TBC Bank, Mamuka Khazaradze and his Deputy Badri Japaridze are to post a GEL 700,000 bail each after being charged in a money laundering lawsuit. Khazaradze and Japaridze also won’t be able to leave the country without the prosecutor’s permission.

Zviad Kordzadze, the lawyer of Khazaradze and Japaridze, said they will appeal the court decision. According to Kordzadze, the court session revealed that “there is no evidence of money laundering or any other crime” committed by the two.

Khazaradze: “will continue to fight”

“I will continue this fight together with my friends,” Mamuka Khazaradze told journalists. He said the country is being “orchestrated by a single person” who has “very bad and ignorant staff to execute his decisions”, pointing transparently at Bidzina Ivanishvili, leader and patron of the Georgian Dream.

Khazaradze also returned to his newly announced idea to establish a public movement, saying it will “very active” at a “very large scale.”

“It will have a new generation and professionals. The force, that loves Georgia, that fights for freedom, that does not want Russian orientation, that fights against occupation, and that wishes Georgia to finally become a successful country without nepotism and clannish, autocratic governance,” Khazaradze stated.

Calling the prosecution’s charges “absurd,” Badri Japaridze said this lawsuit “badly affects our country.” He said the prosecution has no desire to really study the case, but rather aims to harm himself and Khazaradze.

Impact on Anaklia Deep Sea Port

Khazaradze and Japaraidze spoke of the Anaklia Deep Sea Port as well. They said not to endanger the development of the project, they left their positions as the Board Chairman and Deputy of the Consortium.

They said they will be replaced by “highly competent” persons, who will continue negotiations with all the parties engaged in the Anaklia project, including with the Government of Georgia.

Japaridze said, this would be “a good test” for the authorities “to prove that they  really want the Anaklia project [to succeed].” “If their statements [in support of the project] are sincere, they should support its development,” Japaridze concluded.

TBC Bank, the leading Georgian banking company, is facing criminal investigation over money-laundering allegations involving a USD 17 million transaction that took place in 2008.

The bank denies the charges, saying the transaction was legal and was inspected multiple times by the authorities, the National Bank and international auditors.

For more information, visit our tag on TBC Bank.

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