The founders of the TBC Bank, Mamuka Khazaradze and Badri Japaridze have been formally charged by Georgia’s Prosecutor General's Office for “legalization of illicit income”. 

The two are facing a criminal investigation for alleged breaches of money-laundering legislation, involving up to USD 17 million transaction that took place back in 2008.

“The UK is closely watching developments related to the criminal charges the Georgian Prosecutor’s Office has made against TBC co-founders Mamuka Khazaradze and Badri Japaridze, relating to allegations regarding transactions from some years ago,” British Embassy in Georgia said in a statement on July 25.

“It is critical that this case is handled in an impartial and transparent manner. This is crucial for Georgia’s banking sector and its ability to attract foreign investment from diverse range of sources, in support of Georgia’s inclusive economic growth,” the statement said.

Mamuka Khazaradze, who is a founder of the Anaklia Development Consortium, announced on July 9 his plans to set up a new public movement in September aimed at “uniting the country and maintaining its independence and liberty.” According to many experts, this public movement will be transformed into a political party and he will take part in the parliamentary elections in 2020.