Badri Japaridze leaves TBC Bank’s Supervisory Board

Apart from Mamuka Khazaradze, Badri Japaridze is also leaving TBC Bank’s Supervisory Board.

According to the statement released by the TBC Bank, they will implement a restructuring of the Supervisory Board whereby the founding shareholders will not be represented at the Supervisory Board of JSC TBC Bank.

"Since TBC Bank takes into account the possible damage to the country’s investment image and respects the role of the National Bank, as a qualified regulator, and despite the fact that the decisions of the National Bank was appealed in the court, JSC TBC Bank would like to announce that it will implement a restructuring of its Supervisory Board whereby the founding shareholders will not be represented at the Supervisory Board of JSC TBC Bank. The founding shareholders will maintain their positions as the Chairman and Deputy Chairman of the Board of Directors of TBC Bank Group PLC (a London-based, 100% shareholder of JSC TBC Bank). TBC Bank withdraws all court cases against the National Bank of Georgia and will pay approximately GEL 1 million, which was previously requested by the NBG and disclosed by TBC PLC on 9 January 2019”, reads the statement.