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.

“We are closely following developments related to the criminal charges the Georgian Prosecutor General’s Office has filed against TBC Bank co-founders Mamuka Khazaradze and Badri Japaridze,” the US Embassy in Georgia said in a statement on July 25. 

“We are concerned about the context and timing of these charges. An impartial and transparent legal system that is free of political influence is vital for Georgia’s Western integration and its ability to attract foreign investment. We continue to support the Anaklia port project, a significant source of U.S. investment in Georgia that has the potential to advance the country’s economic growth,” the statement reads.

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.