July 25, 2019 / 7:03 AM / 3 months ago

Georgian bank TBC's chair, deputy resign over money laundering charges

July 25 (Reuters) - Georgian lender TBC Bank Group said on Thursday its chairman Mamuka Khazaradze and deputy Badri Japaridze had decided to step down from the board with immediate effect, a day after prosecutors charged them with money laundering.

“They have both arrived at this decision after careful consideration in order to ensure that the allegations made against them do not affect the Group and to be able to concentrate on refuting those allegations,” TBC Bank said in a statement.

The executives, who founded the bank in the early 1990s, were charged with laundering illegal revenues worth over $16.75 million, prosecutors said on Wednesday. (Reporting by Muvija M in Bengaluru; editing by Patrick Graham)

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