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TBC Bank under investigation over historical transactions

By Oliver Haill

Date: Wednesday 09 Jan 2019

TBC Bank under investigation over historical transactions

(Sharecast News) - TBC Bank has been fined and is being inspected by the Georgian regulator and Office of Public Prosecution over allegations that certain historical transactions broke conflict-of-interest rules.
The National Bank of Georgia said the transactions in 2007 and 2008 were related to the chairman and deputy chairman.

It has issued a fine of roughly 1m Georgian lari but this has been suspended by the courts in Georgia after TBC issued a challenge.

Parent TBC Bank Group, which pointed out that the transactions have already been the subject of an inspection by the NBG in 2008 that did not result in any action being taken at the time, said it was unclear whether NBG will seek to impose additional sanctions.

TBC said it "refutes the allegations relating to these historic transactions and intends to vigorously defend its position".

Directors said they did not currently expect the matter will result in any "material consequences" for the group.



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