Home / Banking / Terabank Unveils Illegal Scheme Details and Applies to Court against Defamation
Terabank Unveils Illegal Scheme Details and Applies to Court against Defamation

Terabank Unveils Illegal Scheme Details and Applies to Court against Defamation

Several months ago a detractive campaign started against Terabank with the aim of misleading society, frightening depositors and inflicting material and technical damage to the Bank.

In 2011-2014 an illegal scheme was developed against the bank by a real depositor and former manager of the bank branch. As a result, serious damage was inflicted to the bank. By initiative of Terabank, legal and judicial proceedings were underway on the mentioned case, but since the depositor is spreading ungrounded statements in media agencies, as if the bank had appropriated his deposit, does not wait for results of investigation and trials and is trying to obtain material benefits from the bank through threats and blackmails, Terabank plans to sue the mentioned depositor to the court against defamation.

For a long period we have refrained from making statements about specific facts and people, on the one hand, to protect  confidentiality and, on the other hand, on behalf of investigation process. However, clients have appeared in media space openly and court disputes are underway and all details of the case have been unveiled. Therefore, we introduce details of illegal scheme for public awareness.

So far the depositor has spread unsubstantiated facts on operations made on April 4, 2013 and 2014, but the depositor has not mentioned history after and before this date.

This history has 3 key participants:

Abshilava – former manager of the branch;

Maisuradze – real depositor – neighbor of Abshilava and business partner;

Japaridze – formal depositor, daughter-in-law of Maisuradze

Maisuradze and the former manager of the bank branch agreed that Maisuradze would place 1 million USD deposit in the bank and the branch manager would provide highest yield on the deposit. In exchange, Maisuradze would put his own deposit  for taking a credit from the bank on behalf of Abshilava and the latter would lend the credit for higher interest rate and receive benefits in this way. Hence, both Maisuradze and Abshilava would make profits. Since Abshilava was manager of the bank branch, he could not openly act in this collusion, therefore relatives and friends of Abshilava were to take loans and Maisuradze would act as as an guarantor.

This relation was developed under this scheme for 2 years and as of April 4, 2013 Maisuradze provided guarantee  for 4 loans of 556 000 USD issued on behalf of Abshilava.

In that period the creditor sued Maisuradze to the court and on February 14, 2013 Tbilisi City Court passed decision and obliged Maisuradze to pay 1 606 875 USD to the plaintiff. This decision came into force only  in September 2013. Therefore, before this date, on April 4, 2013 Maisuradze withdrew 800 000 USD from his own deposit on behalf of his daughter-in-law. In that moment the mentioned deposit was guaranteeing 556 000 USD liabilities.

On April 4, 2014 the third deposit year expired, where Japaridze was a formal depositor. In that period debts of relatives of Abshilava and friends to the bank was 759 800 USD. On that day the formal depositor (Japaridze) visited the bank and in attendance of real depositor Maisuradze signed a statement on covering Abshilava’s  credit by 759 800 USD from 800 000 USD registered on current account of Japaridze. Along with this signature Japaridze also signed cash desk order on withdrawal of 40 200 USD – balance after payment of loans. In that moment relation between bank and depositor was over! On the same day Abshilava, as a private person transmitted 60 000 USD to Maisuradze in cash. After this, seemingly, Abshilava’s personal debt before Maisuradze constituted 700 000 USD. Soon Abshilava was fired from position of manager of bank branch.

For the next year (starting April 4, 2014 up to April 4, 2015) Abshilava, as a private body (by assistance of his friend) was paying 12% of 700 000 USD every month to Maisuradze (through Japaridze).

On April 4, 2015 Abshilava, as a private person, transmitted 200 000 USD to Maisuradze and Japaridze in cash. As a result, Abshilava’s personal debts to Maisuradze totaled 500 000 USD.

For the next 10 months (starting April 4, 2015 through February 4, 2016), Abshilava as a private body (by assistance of his friends) was paying 12% of 500 000 USD a month to Maisuradze (through Japaridze).

From April 4, 2014 up to February 4, 2016 Abshilava/related bodies have paid 260 000 USD and due interest rates to Maisuradze.

Japaridze and Maisuradze put forward claims to the bank in March 2016 after, supposedly, problems arose in personal relations between them and Abshilava, when Abshilava could not pay personal debt.

Myths as if the so-called victim Japaridze had not showed interest in his 800 000 USD deposit, did not own any document and had not visited bank, is fully dismissed by the scheme exposed by us.

On May 17, 2016 the bank applied to Prosecutor’s Office for instituting investigation on this case. A month ago the Prosecutor’s office published transient report of investigation that describes only Japaridze-Abshilava episode, but we have recently forwarded full documentation and we hope that the investigation will expose whole scheme.

By illegal agreement between Maisuradze and the bank branch’s former manager, serious losses were inflicted to Terabank  and we have submitted an appeal for compensating the damage.

Additionally, we also plan to submit an appeal against defamation, because we believe that the recent detractive campaign against our bank misleads the society and depositors and aims at enforcing bank succumb to unjust demands through posing threat to bank reputation.