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Monday 20.11.2017 | Name days: Anda, Andīna
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Krasovickis files an insolvency application for Reverta in court

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUFormer shareholder of Parex Bank Viktor Krasovickis has filed in an insolvency application for Reverta in Riga Northern District Court, according to an entry on the official website of the Insolvency Administration.

The insolvency case was launched November 11th. The case is set to be reviewed by Judge Didzis Melbārdis at 14:00 November 26th.

Reverta Communications and Marketing Office manager Marita Ozolina notes that Reverta has been successful in all of its duties. Therefore, the submission of an insolvency application is absurd and unjustified. The Board of Reverta is already performing all necessary measures to prove it. «It should be added that Section 214 of the Criminal Law provides criminal liability for submitting false insolvency application,» – concluded Ozolina.

Former shareholders Krasovicskis and Valery Kargin are currently engaged in multiple litigations. Riga Regional Court currently reviews the claim submitted by Reverta and Latvian Privatization Agency against Kargin and Krasovickis in regard to the collection of EUR 141.6 million.

Reverta and PA want to collect EUR 17.07 million from Kargin and Krasovickis as compensation for damage on top of a compensation of more than EUR 117.7 million and fine of EUR 6.4 million.

As previously reported, the claim details a request to collect compensation and fine from Kargin and Krasovicskis. This is related to November 10th, 2008, signed investment agreement signed with Kargin and Krasovickis and the false information the two stated in this agreement, lying about the bank’s actual state.

The bank has concluded that the actual losses that should have been stated in the agreement were made to look at least EUR 116.7 million larger on paper.

This conclusion came from a legal and financial audit that was performed by legal and financial experts invited by PA – PricewaterhouseCoopers auditor firm and Eversheds Bitāns law firm. The total claim against former Parex shareholders that has been submitted by Parex Bank and PA exceeds EUR 233.3 million.

The state took over shares owned by Kargin and Krasovicskis on December 5th, 2008. PA currently owns 83.07% of shares of former Parex Bank. 13.61% of shares are owned by European Reconstruction and Development Bank.

In 2010, all viable assets of Parex Bank were converted into Citadele Bank. Since then, Parex Bank has been functioning as a secondary institution; its main objective is the recovery of state investments in the shortest possible period of time. It no longer has a licence to perform banking services. It has also been renamed as Reverta.

Ref: 102.109.109.6946


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