The National Bank demands resignation of Mamuka Khazaradze and Badri Japaridze. TBC Bank has released a statement about it. According to TBC Bank, it has received a letter from the National Bank requesting that the Chairman of the Supervisory Board and Deputy Chairman of the Bank leave the Board in the next two months.
" The demand of the regulatory body is connected to particular transactions performed in 2007-2008, which are classified by the National Bank, as a violation of the conflict of interest regulating law. The Bank will continue the litigation. TBC Bank will use all available legal means to protect the interests of the bank and the shareholders.
Mamuka Khazaradze and Badri Japaridze, as of now, continue to work in British Holding of TBC Bank Group PLC (TBC Bank Parenting Company)on the position of the Chairman and Deputy of the Board of Directors.TBC Bank is an advanced public company based on the London Stock Exchange, which represents the premium segment (FTSE250 list) and represents the interests of investors and shareholders of all five continents in the world.This circumstance will not affect TBC Bank"s development and strategy.The bank will continue to implement the planned activities, "the statement reads.