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Tuesday 28.02.2017 | Name days: Skaidrīte, Justs, Skaidra
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British court finds Antonov guilty of causing losses for Latvijas Krajbanka

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn 27 May, Supreme Court of the United Kingdom announced its ruling, finding the former Council member of Latvijas Krajbanka Vladimir Antonov guilty of causing losses to the bank.

The ruling states that the bank was caused losses worth EUR 60,499,567 and USD 30,762,458, as reported by KPMG Baltics.

Within the next couple of weeks, the Supreme Court of England will make a separate ruling in regards to the application of interest to cover additional losses.

As it is known, in June and July 2014, Latvijas Krajbanka’s insolvency administrator KPMG Baltics submitted two civil claims on behalf of the bank to the British court against Antonov, requesting compensation of losses caused by eight specific transactions carried out in the bank. Latvijas Krajbanka mentioned in the claims that the transactions carried out against the bank’s interest were realized as a result of Antonov’s direct involvement.

Although Antonov left Britain in 2015, the insolvency administrator plans to use the ruling of the Supreme Court to recover the bank’s lost assets in accordance with regulations of the Credit Institutions Law.

BNN had previously reported that Riga Regional Court had declared Latvjas Krajbanka insolvent in December 2011. KPMG Baltics was chosen as the bank’s insolvency administrator. In May 2012, the decision was made to commence the bank’s bankruptcy process.

Approximately EUR 250 million have been recovered since the moment the bank was declared insolvent.

Ref: 102.109.109.7962


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