TBC Bank Group PLC ("TBC PLC") notes today's announcement by the Georgian office of Public Prosecution that it intends to charge the Chairman and Deputy Chairman for matters relating to certain transactions which took place in 2007 and 2008 and which involved TBC PLC's subsidiary TBC Bank JSC.
According to the bank Mamuka Khazaradze and Badri Japaridze stepped down from the board of TBC Bank JSC earlier this year and, as non-executives, are not involved in day-to-day management of the group. There has been no suggestion of any charges being brought against TBC PLC, TBC Bank JSC or any other member of the group.
