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Sunday 20.08.2017 | Name days: Bernhards, Boriss
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Parex Bank's employees under threats of physical reprisal

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUEmployees working at JSC Parex Bank, whose current tasks include debt restructuring, recovery and management of seized assets, have been threatened with physical reprisal, revealed Jurijs Adamovičs, member of the bank’s board.

There were several cases where Parex Bank had to notify law enforcement authorities about threats directed to its employees. These cases were related to debt recovery in Latvia and abroad.

However, Adamovičs refrained from disclosing the number of such cases. Let’s be realistic, this will happen again in the future, he said.

According to Adamovičs, debtors often involve third parties in debt collection process to avoid it. Such cases are observed in the Baltic States, as well as in the CIS countries.

Parex Bank’s clients fall into two groups – those willing to pay, but are unable to do it, so they come to the bank, trying to find a compromise. Whereas the second group consists of clients able to pay, yet don’t want to, doing everything possible to avoid debt repayment. The second group relates more to corporate customers, with larger loan sums.

It is no secret that our clients are also well-known, wealthy people with a relevant influence. We have noticed that the better and more efficient we work, the greater is the counteraction. This is only logical, because debt collection is a very specific business with a number of risks, Adamovičs notes.

As reported, Parex Bank, which was divided last August, leaving only problematic assets, has so far taken over 800 real estates from debtors. This figure is likely to double over the year; however, it will depend on how actively third parties participate at auctions.

Although the bank has taken over nearly 800 properties, it only offers on the market assets with no appreciation projected. Currently, about 80 properties are put up for sale or rent at the bank’s website.

After the division, approximately 5 000 clients remained at the bank. Mortgage loans issued to private persons comprise 60% of the clients’ cases. At present, nearly 2 400 cases are at the stage of recovery, about 1 050 cases have been litigated, while the rest of cases are being actively prepared for the collection process, Parex Bank’s board member informed.


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