Georgia’s Second Largest Bank Under Investigation for Money Laundering

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Georgia’s Chief Prosecutor’s Office (POG) has launched a criminal investigation of the country’s second largest bank for alleged money laundering. The opposition calls the case an attack on unwanted business institutions.

On Wednesday, POG summoned and questioned Mamuka Khazaradze and Badri Japaridze, the chairman and deputy chairman of TBC Bank’s supervisory board. The bank is under investigation for alleged “legalization of illegal income […] an offense punishable under Article 194§3(c) of the Criminal Code”, POG press release reads.

The investigation deals with alleged laundering of 17 million lari back in 2008, a kind of violation which may be punished with up to seven years prison under Georgian legislation.

“A number of investigative and procedural activities have been carried out in the course of the investigation. Individuals involved in the matter, including Mamuka Khazaradze, have been interviewed. At this stage of the investigation, it could be necessary to obtain and study additional documentation and information in order to thoroughly investigate the alleged criminal acts,” the Prosecutor’s Office states.

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