January 9, 2019 / 8:25 AM / 8 months ago

TBC Bank says unit being investigated by Georgia central bank

Jan 9 (Reuters) - TBC Bank Group Plc said on Wednesday that its unit was being investigated by the National Bank of Georgia (NBG) and the country’s office of public prosecution, relating to certain transactions that took place in 2007 and 2008.

The investigation alleges that certain transactions between TBC Bank’s unit in Georgia and some entities were illegal.

The Georgian central bank imposed a fine of about 1 million Georgian lari ($377,358.49), TBC Bank said, adding that it was unclear whether NBG will seek additional sanctions.

TBC said it has challenged the fine in the country’s courts and has been issued an injunction suspending the payment. It does not expect the investigation to result in any charges. ($1 = 2.6500 laris) (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

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