ABLV Bank invites to evaluate potential interest offers from creditors' interests – Business – News

It is important to note that the benefits offered are not contrary to the law, as these offers are not legally founded.

ABLV Bank recently announced that various consulting companies offered to represent the interests of creditors in the process of self-liquidation. "to provide benefits or other advantages".

ABLV Bank, which is to be liquidated, draws attention to the fact that the self-liquidation process of the bank is carried out only in accordance with the self-liquidation approved by the Commission of financial markets and capital plan and applicable Latvian laws – without extraordinary priorities. An international auditor is also involved in this process.

The Latvian Credit Institutions Act specifies a specific sequence in which the claims of creditors will be satisfied. The liquidators have the obligation to strictly follow this procedure, therefore, any bankruptcy of the creditor's claims, without complying with the prescribed law, is not and will not be possible, stressed the representatives of the bank. Similarly, a creditor can not go to another group of creditors whose claims are satisfied first.

The acceptance of the claims of liquidation of creditors "ABLV Bank" began on June 18 and will continue until September 18 inclusive. Upon acceptance of all creditors 'requests, a check will be made for a period of at least three months in order to create creditors' lists. It is only after the approval of the lists of creditors and their checks that the payment of money begins. The costs of the guaranteed repayments began on March 3 this year and the bank has transferred for this purpose more than 480 million euros to the Deposit Guarantee Fund. This order has already been paid to AS "Citadele Banka" and should no longer be requested.

The LETA agency has already informed that the European Central Bank has canceled the license issued by ABLV Bank from Thursday

. and to protect the interests of creditors and taking into account the decision of the European Central Bank to open the liquidation process, the shareholders of ABLV Bank at the extraordinary meeting of 26 February decided to initiate the bank's self-liquidation. The Board of Directors of the Financial and Financial Markets Commission (FCMC) has authorized ABLV Bank to begin the reverse charge process initiated on June 12, 2018.

ABLV Bank encountered problems following the 39; announcement by the Financial Intelligence Agency of the United States Department of Finance. that it intends to impose sanctions on ABLV Bank against money laundering programs that contributed to North Korea's nuclear program and illegal activities in Azerbaijan, Russia and in Ukraine. The FinCEN report also indicates that the ABLV Bank management has used corruption by 2017 to influence the Latvian authorities in order to prevent any legal action against it and reduce the threat to its activities. at high risk.

In a response letter, they called on FinCEN to withdraw its proposal, stating that FinCEN had raised "exaggerated allegations" against ABLV Bank, for which many general allegations were provided or evidence of money laundering. money and insults were not provided bribery FinCEN also did not take into account the progress of ABLV Bank in the financial crime prevention program.

ABLV Bank and its principal shareholders submitted claims to the European Central Bank and the Joint Resolution Council of the European Court. The bank's lawyers have filed four applications from DLA Piper on behalf of ABLV Bank, Germany and its two largest shareholders, two in total – two against the European Central Bank and two against the Unified Settlement Board. The requests cite a number of possible violations that may have been committed by the European Central Bank and the Joint Resolution Board. They include overriding powers, non-compliance with proportionality and equal treatment, as well as other violations.