CSOs Call for Higher Transparency in TBC Bank Case

Five local watchdogs released a statement on February 15 in response to the recent sanctioning of the TBC Bank board chiefs by the National Bank of Georgia, saying that hasty decisions against a “particularly successful” financial organization “raise questions” and may affect the country’s economic development and financial stability.

“Due to high public interest, it is important that the National Bank of Georgia (NBG) explains its decision to demand recalling specific persons from the TBC Bank’s Supervisory Board… The relevant law enforcement agencies should provide the public with information about the investigation against TBC Bank and/or its shareholders,” the statement reads.

According to the statement, signed by Open Society Georgia Foundation (OSGF), Georgian Democracy Initiative (GDI), Institute for Development of Freedom of Information (IDFI), International Society for Fair Elections and Democracy (ISFED) and Transparency International Georgia (TI), it is important to ensure that the ongoing investigation does not hamper TBC Bank’s activities, as well as to respond to the public interest so as “to rule out any doubts about using selective justice.”

On February 13, the National Bank of Georgia (NBG) issued a statement giving the shareholders two months notice to remove the Chairman of the Supervisory Board, Mamuka Khazaradze and his deputy Badri Japaridze. The NBG said this decision does not affect the status of the two as shareholders.

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