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Investbank Scandal

Published: June 25, 2013 | 12:17 pm
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The National Bank is investigating the changes made in Investbank’s council of supervisors, to establish whether any illegal activities have taken place. The National Bank’s representative has told TV3 that upon the conclusion of the investigation and the establishment of facts, steps will be taken to ensure that the Georgian banking sector’s reputation is not being damaged by foreign companies. Investbank is closely linked to Iranian companies, whom it helps avoid sanctions set by the United States, as reported by the influential Wall Street Journal in its 20 June edition. It does so through a Liechtenstein-based investment fund, which simultaneously owns 70% of shares in Investbank. These claims have been categorically denied by the bank’s local representatives. The Investbank Corporation has been established in 2003.

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