News & Analysis

Georgia’s TBC Bank founders quit Anaklia development project

Mamuka Khazaradze and Badri Japaridze, the founders of Georgia’s TBC Bank, recently charged with money laundering, have resigned from their managerial positions at the Anaklia Development Consortium.

The two businessmen served as chairman and deputy chairman of the consortium’s board, responsible for attracting investment to Anaklia port, a joint US-Georgian venture to create a new deepwater port on the Black Sea with a high shipping and storage capacity.

“Anaklia port is vitally important for the country. It will be a turning point for the Georgian economy. The port will finally make Georgia a gateway between Europe and Asia,” Mr Khazaradze told the Georgian press.

The resignation comes after the Chief Prosecutor’s Office of Georgia charged the two men with money laundering that reportedly involved close to 17 million US dollars.

Both Mr Khazaradze and Mr Japaridze deny any wrongdoing and resigned from the board of TBC Bank.

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  • HI, information is not correct:

    – Project is not canceled. It’s said that US company Conti left it.

    – Author missed the most important part of the story: Project is delayed because of Russia’s pressure on current government. (Why? because it occupies now 20% of Georgia and continues blackmailing)