Anaklia Development Consortium names replacements of TBC founders in its board
By Gvantsa Gabekhadze
Wednesday, August 7
Anaklia Development Consortium (ADC), a company which is due to construct a 2.5 billion USD Anaklia Deep Sea Port in western Georgia, has announced key changes to its board after the president of the board and his deputy, TBC Bank founders Mamuka Khazaradze and Badri Japaridze faced money laundering charges in mid-July.
After being charged with possible laundering of 16.7 million USD in 2008, Khazaradze and Japaridze stated that they would quit their posts in the board “until the absurd investigation is over and the invented charge is removed.”
“The consortium’s shareholders have scheduled a general meeting for later this month to replace Khazaradze and Japaridze and augment the board with highly reputable international business and professional figures,” the consortium writes.
Three new members nominated to the board are R. Michael Cowgill, President of the American Chamber of Commerce in Georgia; Ted Jonas, Senior Counsel with the international law firm Dentons; and Jean-Patrick Voisin, President of Concorde Capital.
The nominations are expected to be approved later this month.
“Mamuka and Badri have provided great leadership to Anaklia Development Consortium, as its Chairman and Vice-Chairman,” said Levan Akhvlediani, CEO of the consortium. “However, in view of the legal proceedings initiated against them, which are legally unrelated to ADC or the Anaklia Port development project, Mr. Khazaradze and Mr. Japaridze have taken the initiative of resigning from the board to isolate ADC from any possible adverse consequences that could result from these legal proceedings.
“Our three new board nominees are individuals who are well known in international business and professional circles, particularly regarding this region and bring important skills and experience to the board. The new members include two American citizens and a French citizen, emphasizing the depth of the American and European interest in the Anaklia Port Project,” Akhvlediani stated.
Khazaradze said that “this project is much bigger than Badri and me. It is vitally important that any issues about the two of us, regardless of how unjustified or unfair they are, not negatively impact the Anaklia Port project. We will therefore not only remove ourselves from the board but also put our shares, into a secure, international blind trust structure, for as long as needed to fight the wrongful allegations made against us and fully clear our names.”
Khazaradze says that the charges against him and Japaridze are because of their role in the Anaklia project, as “some in the government wish to hamper the project which is much disliked by Russia.”
The allegations are strongly denied by the government, saying that they have met most of the requests of the consortium to help the implementation of the strategically important port.
The port is scheduled to be completed in 2020 and to make an alternative, short route between Europe and Asia.
ADC consists of TBC Holding from Georgia, Conti International from the United States, SSA Marine from the United States, British Wondernet Express working in Central Asia, and G-Star Ltd. from Bulgaria.
