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Sunday 22.10.2017 | Name days: Irīda, Īrisa
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Government secretly dismisses Parex management

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Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RU, Parex

The current AS Parex banka management Board and Council members will not be held responsible neither for their activities since the split of the bank, nor in future, the Cabinet of Ministers run by the Prime Minister Valdis Dombrovskis decided in a closed government session.

According to the Commercial Law companies’ Board and Council members are dismissed along with the annual review approval, when shareholders recognize their performance has been decent and for the benefit of the company, reports the portal pietiek.com.

However, right after the Privatisation Agency, holding 70.3% of the state shares in Parex Bank, carries out the decision the Council members Michael Bourke, Mary Collins, Sarmīte Jumīte, Vladimirs Loginovs, as well as the management Board members Christopher Gwilliam, Jurijs Adamovičs and Solvita Deglava will be removed from taking any or part of the responsibility for their performance in these posts.

This means if the statements on Parex Banka selling its assets for considerably low prices are true, both the Council and the management Board will not be held responsible neither before the law, nor the government. The bank is to collect 163 million lats by early May to pay back the syndicated loan, according to the bank, they have already recovered 60 million lats by selling assets, concludes the portal.

The Cabinet of Ministers decided to dismiss Parex management without taking into consideration neither this information, nor objections expressed in the government sitting itself.


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  1. ooo says:

    What, what, whaaaaat can be the possible resason tho shift an employee from taking responsibility? this is crazy.

    Thumb up 0 Thumb down 0

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