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Saturday 18.11.2017 | Name days: Doloresa, Aleksandrs

Krajbanka's daughter company receives BAS' assets

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Riga City Council has submitted another plea to the court and Finance and Capital Market Commission against Krajbanka‘s insolvency administrator – KPMG. This time the municipality’s anger is caused by the actions of the administrator in regard to the assets belonging to Baltic Aviation Systems (BAS), Nekā personīga (Nothing personal) programme of TV3.

Half a year ago, Krajbanka and Snoras quietly agreed to give away all the assets of BAS to Krajbanka‘s daughter company Atlantic Bureau.

Mayor of Riga Nil Ushakov had previously reported that the administrator is robbing creditors, while the administrator blames Andris Skele and the bank’s former owner Vladimir Antonov.

Even though Bertolt Flick is no longer in charge of airBaltic, litigations for his assets continue. He continues to try and get back his lost property – BAS – at the Vidzeme District Court. Flick is being aided by firms related to Andris Skele. These firms request BAS to be declared insolvent. Krajbanka resists these attempts – the bank has an obligation to sell Flick’s assets to creditors. This has not been entirely successful, because Krajbanka does not fully control BAS. Inga Peterniece is not willing to give the bank originals of important document. She instead helps those who want to sue BAS.

“The main problem was that we did not have sufficient proof in order to sue this third party. We did not have the originals of the needed documents. The former management of BAS was randomly choosing papers, copies mostly, to hand over to the new management. The accounting was managed by a daughter company related to BAS, which still has the originals and is not willing to hand them over,” – explains the administrator of Krajbanka Una Petrauska.

One month ago, the Moscow Arbitration declared that BAS is to pay Investbank 13 million EUR. BAS now belong to a daughter company of Latvijas Krajbanka.

This scheme was realized by Krajbanka‘s former owner Vladimir Antonov along with Bertolt Flick. In his last days on the job at the airline, Flick managed to take a credit from Investbank on behalf of airBaltic. Now this bank is trying to return the credit from BAS, which was stated as a guarantee. However, seeing as though BAS now belongs to Krajbanka, the bank is likely to be the one to pay this credit.

KPMG has developed a sly scheme in order to protect BAS property: the airline’s property has been transferred to a daughter company – Atlantijas biroji. The only thing that still remains of BAS is its empty shell.

The bank’s administrator Petrauska admits – the sale of the airline’s property means moving everything from one pocket to another.

Riga City Council found out about this deal. Krajbanka owns the municipality 20 million. According to the city council, by selling the assets of BAS to another company, the administrator has forfeited the creditors’ interests. In accordance with this, the municipality has turned to the Riga Regional Court and the Finance and Capital Market Commission. The administrator, on the other hand, claims the opposite – the concealment of BAS will protect the company from insolvency risks. In time, it will be possible to sell the airline’s assets for a higher price.

This is not the first complaint of the city council against KPMG. The municipality wants to return its money as soon as possible. The complaint to the FCMC describes the fact that KPMG had not informed the municipality about the insolvency process and that it pays itself and Krajbanka employees too large salaries.

There is another complaint that partially describes Antonov’s massive scale in managing Krajbanka. A building in Jurmala, located on the Meza Prospect 131, which belonged to some firm, the actual beneficiary of which is actually Vladimir Antonov, but had been registered on the name of Krajbanka‘s Board member Martins Zalans. Because Zalans’ firm had not been paying the credit, Krajbanka achieved the sale of the building through court proceedings and purchased it for 470 000 LVL. This firm took the credit at Krajbanka and bought this building, stating in the land book that Vladimir Antonov’s wife would be living there until 2028. The credit was never returned, but changing the information in the land book is not as simple as it sounds.

Antonov paid interest rates for this property in 2008 and 2009 for a total amount of 300 000 LVL. Krajbanka had lent more than 1 million LVL for the purchase of the house. The administrator believes that the purchase of this building was made solely in the interest of the creditors.


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  1. JPR says:

    Russian thieves… Worse than Ali Baba…

    Maybe they should be called Shlomo and the 40 rabbis?

    Thumb up 0 Thumb down 0

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