US Embassy critical of timing, charges brought against co-founders of Georgia’s largest bank

The US Embassy in Georgia has published a statement in response to the charges made by the Chief Prosecutor’s Office against the co-founders of the largest bank in Georgia – TBC Bank – Mamuka Khazaradze and Badri Japaridze.

The three paragraph statement is short and to the point, and openly expresses doubts as to the legitimacy of the accusations that have been brought forward against the bankers. 

“We are concerned about the context and timing of these charges”, the statement reads.

It continues: “An impartial and transparent legal system that is free of political influence is vital for Georgia’s Western integration and its ability to attract foreign investment.”

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The statement mentions Anaklia Port as a US-supported project: 

“We continue to support the Anaklia port project, a significant source of U.S. investment in Georgia that has the potential to advance the country’s economic growth”, the US embassy writes. 

Political observers note that the mention of the port of Anaklia in the statement indirectly indicates that perhaps the problems of Khazaradze and Japaridze are related to the construction of Anaklia Port – something the bankers themselves also claim. 

[toggle title=” Complete text of the US Embassy statement: “]

We are closely following developments related to the criminal charges the Georgian Prosecutor General’s Office has filed against TBC Bank co-founders Mamuka Khazaradze and Badri Japaridze. We are concerned about the context and timing of these charges.

An impartial and transparent legal system that is free of political influence is vital for Georgia’s Western integration and its ability to attract foreign investment.

We continue to support the Anaklia port project, a significant source of U.S. investment in Georgia that has the potential to advance the country’s economic growth.

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The General Prosecutor’s Office of Georgia officially charged the co-founders of TBC Bank, Mamuka Khazaradze and Badri Japaridze on July 24 with money laundering in a transaction that goes back to 2008. 

The prosecution began the investigation in August 2018, and claims that now they have evidence that confirms that Khazaradze and Badri Japaridze laundered 16,754,000 USD in this transaction. 

Khazaradze and Japaridze call the charges absurd. Mamuka Khazaradze claims that the case into the transaction from 11 years ago was initiated because the government wants to stop the construction of the deep-water port in Anaklia.

The construction of the port is supported by the United States.  

Moscow considers the project directed against its interests..