Page 39 - GEORptDec19

Bank accounts of TBC Bank founders seized at Georgian prosecutors’ request
TBC Group acquires leading Georgian classified e-commerce company My Group
entrepreneurs present here to do as we do, and to make the most of the region’s sizeable potential.”
EU Commissioner Johannes Hahn attended the summit on behalf of the European Union (EU). Commissioner Hahn told the conference: “Today’s Investment Summit is an opportunity to bring all key partners together to promote investment and economic opportunities in the Eastern Partnership region.”
He added: “In the last 10 years, the EU has been investing in the economy, interconnections and, most importantly, in people from across the six countries. Looking ahead at the future of the Eastern Partnership, together we should build on these successes and seize the opportunities that proximity to Europe, green technology and digital transition provide.”
The EBRD works closely with the EU in the region, with a particular focus on supporting small businesses, spurring economic reform, improving infrastructure and municipal services and promoting green energy.
In his opening address, Chakrabarti noted that Ukraine was pursuing a wide-ranging reform agenda, with the aim of reinventing itself as a modern, democratic European state. He referred to overhaul of the Moldovan banking sector which was opening up the country to more global investment and noted that Georgia had established a track record for reforms over the last 15 years. Chakrabarti also pointed to resolute steps by Armenia to fight corruption. He said that Azerbaijan was working to diversify its economy away from the oil sector, while Belarus was laying the foundations for privatisation and the commercialisation of its state-owned enterprises and banks.
The main discussion with the political leaders of the Eastern Partnership focused on the role that the state can play in attracting private investment. The EBRD is the largest institutional investor in the Eastern Partnership region and is committed to supporting the development of the private sector and improving the investment climate. Since the start of the bank’s operations, the EBRD has invested in excess of €26bn in more than 1,200 projects across the six countries.
Georgian prosecutors have confirmed that bank accounts and properties in the amount of $16.6mn of TBC Bank founders Mamuka Khazaradze and Badri Japaridze are to be seized as a preventive measure under a lawsuit initiated on June 24 against the two​.
The TBC founders are charged with legalisation of $16.6mn of illegal income, in August 2008.
Khazaradze announced on his Facebook account that all his and Japaridze's bank accounts have been seized, a move which prevents the functioning of their public-sponsored charity and all ongoing charity and business projects, including in Anaklia where the bankers are backing the attempt at constructing a deep sea port.
“We can't be scared! We continue the struggle! ” Khazaradze writes in his post.
TBC Bank Group announced it reached an agreement to buy a 65% stake in the leading classified e-commerce player in Georgia trading under the My.ge Group (“My Group”) name and operating classified sites myauto.ge and myhome.ge.
“The acquisition of My Group provides a strong acceleration in our ecosystems strategy. It will dramatically increase our digital presence in the Georgian market and provide access to a large number of new customers,” said chief executive officer of TBC Group Vakhtang Butskhrikidze.
According to TBC Bank Group, the agreement was reached with the founders of My.ge Lasha and Kakhaber (Kakha) Gigitelashvili. The transaction value is
39​ GEORGIA Country Report​ December 2019 ​ ​www.intellinews.com