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The Supreme Court granted Reverta's appeal on points of law and set aside its negative judgment – a repayment of 15 million euros in favor of Rem Kargin, the former shareholder of Parex Banka Valērija Kargina . The case was referred to a new court of appeal.
informed the Privatization Agency that the Supreme Court Civil Division concurred with Reverta's arguments that the Court of Appeal did not enforce the legal provisions applicable to the cases of badistance to commercial enterprises and the procedure to be followed to fulfill the underlying obligations of these commercial companies. Reverta "lodged an appeal against a judgment of the Supreme Court whereby, on 13 June 2016, Kargin's claim against Reverta was granted, awarding him more than 15 million euros in favor. In this case, the Supreme Court also asked the European Commission (EC) to support Reverta's position, namely European Union law and Community decisions preventing Reverta from making obligations.
Parma until the entry into force of the amendments to the law on the control of commercial aids on July 1, 2014, Reverta paid 18.6 million euros in interest on the business. underlying bond – mainly paid to the old Parex banka's related persons and their families
Reverta's lawyer, Agris Bitāns, previously stated that the amendment of the Control Act of business support interd it any payment to the holders of the commitment before the full repayment of the contribution of the state. European Union law and the EC ruling pr and the violation of EU rules on state aid actually created by the judgment would constitute a violation of the Republic of Latvia and could have a negative impact on the state.
De facto, in 2016, after the verdict, Reverta is not convinced
The case will be re-examined by the Civil Cases Board of the Riga Regional Court
BACKGROUND:
Rem Kargin In June 2008, the subordinate capital of the bank invested 15 million euros for seven years. However, in 2014, the amendments to the Business Support Supervision Act, which provided for the repayment of Revertus' subordinated interest only after the full repayment of State aid, came into force.
Amendments to the Company Control Act Under the EC Decision or the national regulations on the granting of badistance, irrespective of the legal obligations in force of the trading company, the business enterprise can fulfill the subordinated bonds (including the prohibition of repayment) loan, calculate, accumulate or pay interest or other consideration for such loans) regardless of when the liabilities in downstream has been created.
The court of ersmes in 2015 decided that the provision on the suspension of interest payments of a company in financial difficulty and receiving state aid is in accordance with the fundamental law of the state. The case was opened following the request of the son of Kargin Maksim Kargin and the former owner of the bank Viktor Krasovick
The work of the director of the problematic badets of Reverta started on August 1 2010 after the division of Parex Banka. State aid to Parex Banka.
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