Page 6 - GEORptSep19

($124mn) , according to a report of the National Bank of Georgia. Some 96% of the profits was realised by the two largest banks: TBC Bank and Bank of Georgia.
Meanwhile, Mamuka Khazaradze, a co-founder of Georgia’s TBC Bank, has confirmed that despite the harassment he claims to be subject to from authorities—moves of which have lately included the seizing of his bank accounts in relation to a prosecution for alleged money laundering crimes that date back to 2008—he is going ahead with the founding of a new political vehicle.
On the political side, the breakaway Georgian region of Abkhazia on August 25 held a presidential election, described by the government in Tbilisi as "another illegal action." Nine candidates, including current president Raul Khajimba, lined up for the poll. A second round of voting will be required to elect the president Abkhazia as none of the candidates received the required majority of the vote, Georgia Today reported, quoting RIA Novosti.
2.0 Politics
2.1 Presidential election in Georgia’s occupied Abkhazia
territory to go to runoff
A second round of voting will be required to elect the president of occupied territory Abkhazia in Georgia. None of the candidates received the required majority of the vote, Georgia Today reported, quoting RIA Novosti.
The breakaway territory’s so-called “central election commission” stated on August 26 that votes had been tallied for 150 of the 154 polling stations and that, according to the results, incumbent President Raul Khajimba received 26.6% of votes cast, followed by main candidate of opposition Amtskhara party Alkhas Kvitsinia (24.6%) and former so-called deputy foreign minister Oleg Arshba (24.9%).
According to the preliminary results, the run-off round of the contest—which Tbilisi has angrily protested is entirely illegitimate—is expected to be held between Khajimba and Arshba.
Irrespective of the outcome, the victor is unlikely to moderate the ethnic cleansing seen in Abkhazia, the “country” status of which is backed by Russia but not the wider international community.
The runoff is scheduled for September 8.
6 GEORGIA Country Report September 2019 www.intellinews.com