Latviski English По-русски
Saturday 21.07.2018 | Name days: Meldra, Meldris, Melisa

Krajbanka's daughter company receives BAS' assets

(No Ratings Yet)

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.


Leave a reply

  1. JPR says:

    Russian thieves… Worse than Ali Baba…

    Maybe they should be called Shlomo and the 40 rabbis?

SRS: cash register reform still stagnates, but has become much faster than it was last year

The cash registers reform continues stagnating. However, it has become much faster than it was a year ago, as reported by State Revenue Service.

Specialists to search for solutions to topical environmental problems in Ventspils

On Friday, 20 July, a meeting was held between Ventspils Commercial Port representatives and specialists from State Environment Service.

Children with functional disorders to receive services financed by EU funds

Child invalids will have access to social services intended to improve their social skills and mobility. More than EUR 4.2 million has been allocated for this goal from the European Social Fund, as confirmed by Latvia’s Central Financing and Contracting Agency.

Producer price level in industry up 4.3% in Latvia

Compared to June 2017, the average level of producer prices in Latvian industry increased by 4.3 % in June 2018. Prices of products sold on the domestic market rose by 4.8 % and those of exported products by 3.7 %.

Total tax debts in Latvia in July – 1.212 billion euros

At the beginning of July total tax debts in Latvia, including outstanding debts, halted debts and debts applied with repayment term extensions, accounted for EUR 1.212 billion, which is 0.8% less than a month prior, according to data from the State Revenue Service.

Survey: every third Latvian resident has received illegal loan offers

Nearly every third resident in Latvia or 31% of respondents admit having received offers to use illegal loan services, as concluded in a survey performed by Latvian Alternative Financial Services Association and SKDS.

Libya opposed to EU's idea to establish migrant centres in North Africa

Libya is against the solution of the European Union to set up migrant centres in the North African country as a means to keep migrants from arriving in the bloc and Libya would not be convinced with financial support, its Prime Minister Fayez al-Sarraj has noted.

Arrest warrant on Catalan ex-President cancelled by Spain

The Supreme Court of Spain cancelled a European arrest warrant for former Catalan regional leader Carles Puigdemont, as Germany refused to extradite him to face accusations of rebellion for declaring the independence of Spain's region, Catalonia in 2017.

Latvian government plans to allow handing expired food to charity

Latvia’s Agriculture Ministry has prepared amendments to the Law on the Supervision of the Handling of Food that provide permission to hand over certain types of food products to charity after the end of their expiry date.

Estonian industrial producer prices up 2.9% since June 2017

Estonian industrial producer price index has risen by 2.9% between June 2017 and the first summer month this year, resulting in an increase of export prices as well, Estonian statisticians have estimated.

Putin urges NATO to quit «irresponsibly» developing ties with Ukraine, Georgia

Russia's President Vladimir Putin cautioned NATO against developing deeper relations with Ukraine and Georgia, evaluating such a policy was irresponsible and would have consequences for the military alliance.

Latvian parliament not in a hurry to support president Vejonis for a second term

Political parties represented in the Saeima are not eager to support President Raimonds Vējonis for his remainder for a second term.

Weather in Latvia will remain warm and even hot at times

Weather in Latvia in the nearest couple of days will be dictated by a cyclone. Because of that the sky will be partially covered by clouds; thunderstorms are also expected, as reported by State Environment, Geology and Meteorology Centre.

Hungary sued in EU Court for criminalising help to illegal immigrants

The European Union's executive body has stated that a law in Hungary that criminalises support for illegal immigrants is in breach with EU law and Hungary has now been referred to the European Court of Justice for the alleged non-compliance.

Estonians buy alcohol in Latvia; country loses EUR 20 million in six months

Latvian stores located close to the Latvian-Estonian border have sold 1.6 million litres of strong alcoholic drinks in the first half year of 2019. This means Estonia has lost more than EUR 20 million in taxes, according to data from Association of Estonian Alcohol Producers and Importers.

Lithuania’s election watchdog slams ruling LFGU over popular TV series

Political messages can be channeled in various ways and the ruling now Lithuanian party, LFGU has chosen a very delicate way of the communications – through a TV series featuring the beauty and the ambiance of Naisiai, a picturesque settlement in Siauliai district.

Association: around 3,3000 people know of their HIV infection but receive no treatment

HIV remains a serious problem in Latvia – around 3,300 people are aware of their status but receive no treatment and continue spreading the infection. Because of that, it is necessary to act quickly for Latvia to lose its status as HIV kingdom and limit the spread of the infection, says Baltic HIV Association, informing decision-makers and responsible officials in institutions and hospitals about the HIV/AIDS situation.

Driver shortage may force reduction of international road haulage volumes

Latvia’s road haulage companies have started experiencing shortage of drivers. On top of that, if employment conditions for residents of non-EU member states do not change, it may be necessary to reduce the volume of road haulage volumes, says Latvijas auto president Valdis Trēziņš.

Lattelecom’s turnover up 9% in first half-year of 2018

Lattelecom Group’s turnover reached EUR 98.7 million in the first half-year of 2018, growing by 9% in comparison with the same period of 2017, according to unaudited financial results.

1,140 fewer births registered in Latvia in 2017

Since 2016 the number of births in Latvia is declining again. Compared to 2016, a total of 1,140 births fewer were registered in 2017. Also, the provisional number of births registered over the first six months of 2018 (9,664 children) is by 664 children smaller than that registered over the respective period of 2017.

Citadele Bank decides to reform Lithuanian subsidiary as a branch office

Citadele Bank has decided to reform its Lithuanian subsidiary as a branch office, as confirmed in the statement the bank submitted to Nasdaq Riga.

Russian pension age hike discussed amid protest outside Duma

As the Russian paliament votes on the proposal to gradually increase he pension age to 65 for men and 63 for women, some 200 people were seen protesting against the reform in Moscow.

Corruption watchdog chief says bureau has done no illegal actions

After going through Corruption Prevention and Combating Bureau’s past investigative activities, the bureau’s chief – Jēkabs Straume – found it confusing that officers often took no appropriate actions after acquiring evidence or receiving indications regarding necessary steps.

Illegal border crossings to Estonia on rise after Russia World Cup

Football fans with temporary residency permits of the Russia World Cup, or fan Ids, are trying to illegally cross the Russian border with Estonia, a member of the European Union.

Estonian 13-year-old lethally overdoses fentanyl

Estonian prosecutors have accused a 15-year old of negligent homicide after a girl, 13, passed away from fentanyl overdose.