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Wednesday 24.04.2019 | Name days: Nameda, Visvaldis, Ritvaldis

Management of Plus punkts blames Danish investor for bankruptcy

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUDanish investor defrauded the money and caused Plus punkts to go bankrupt. This is why the necessary documents are being prepared to submit an insolvency plea to the court, Plus punkts management notes.

Board member of Plus punkts Tatjana Takčidi has told the media that now the former owner of Plus punkts – Ibofa Establishment of Luxembourg – had signed an agreement to sell 100% of its owned shares of Plu punts to a Danish investor last December. The total amount of the transaction was EUR 6.5 million. However, the conditions of the transaction are yet to be carried out.

Because of this, Ibofa Establishment had cancelled the deal and restored control over Plus punkts shares. However, according to Takčidi, the whole picture is rather shocking.

“During the entirety of the deal, SEB bank had been supporting the representative of the Danish investor – Mr Simonsen. SEB was entirely confident that the Danish investor has enough money to complete the transaction. SEB had previously mentioned a number of times that it will only go through with this transaction if the one to purchase Plus punkts shares is Mr Simonsen’s Plus punkts Holdings Ltd. This led to some confusion regarding SEB Bank’s attitude about the transaction,” – she said.

It was only on July 9, 2013 when SEB Bank performed a full refinancing of Plus puntks obligations worth EUR 3.55 million. This completed a part of the sale agreement regarding the paying of the price. The rest of the amount was to be paid in several instalments.

However, Plus punkts holdings Ltd has not been fulfilling the conditions of the rest of the payments lately. After a number of warnings regarding the possible halting of the transaction and the uncovering of the fact that Plus punkts had ceased paying money to its suppliers, Ibofa Establishment had decided to cancel the transaction and regain control over the shares. On the date of restoration of restoration of rights of Ibofa Establishment over Plus punts on August 28, the full debt of Plus punkts Holdings Ltd was EUR 2,417,298. Plus punkts itself lacked a total of LVL 1.2 million in turnover to continue working.

Takčidi claims that not only was there no money invested in the company but also a notable amount of money had left the company in an unknown direction. Over several months, there were no payments made to some of Plus punkts suppliers. Given the aforementioned facts, Plu punkts has ended up in a situation where it is forced to file in for insolvency.

After the restoration of control over Plus punkts, Mr Simonsen had not performed any steps to save the deal and agree on paying the price of the transaction. He had also organized and performed a massive property and money theft scheme, as Takčidi writes in the report. Plus punkts management has already turned to the police about this fact.

As previously reported, there were several Plus punkts trade locations closed in Riga recently. On August 28, Plus punkts had been recovered by its original owner – Ibofa Establishment, according to information from Shortly after, changes were registered in regard to Plus punkts Board.


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