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Tuesday 17.07.2018 | Name days: Aleksejs, Aleksis
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Straujuma: if Citadele is not sold, someone will have to take responsibility

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe government’s decision regarding the sale of Citadele Bank’s shares to an international group of investors, which is represented by Ripplewood Advisers, remains in force. This deal must be carried out within the term set by the European Commission, says Latvian Prime Minister Laimdota Straujuma. She added that the signing of the deal will be carried out once it has been approved by the Board of the Privatization Agency.

«I believe it is vital to sign the contract right now, so that the new owners of the bank are able to launch development measures, which would be beneficial for Latvia’s economy and banking sector. Because of unprofessional behaviour from the Board of Privatization Agency, resigning shortly before the signing of the contract is completely irresponsible. Now the Economy Minister’s objective is to approve a new Board for PA and organize the signing of the contract,» – added the Prime Ministers.

Ripplewood Advisors’ proposal has been recognized as the most beneficial for Latvia’s Economy and the bank’s future development by the European Reconstruction and Development Bank, which owns 25% of Citadele Bank’s shares, and Privatization Agency’s attracted advisor Societe General and legal consultant Linklaters, notes the PM.

Straujuma has also said this situation casts a shadow upon the level of professionalism of Chairman of PA Ansis Spridzans, because the agency had prepared documents for the government under his supervision.

Spridzans’ step came as a surprise to Straujuma. She believes it was made out of fear of taking responsibility. Straujuma says she does not understand what Spridzans is so afraid of, as reported by Latvijas Radio.

Straujuma has also noted that if the bank is not sold, she would personally like to see who could take responsibility before the state. «Mr Spridzans, Mr Dombrovskis or the Privatization Agency – someone will have to take responsibility if the state suffers losses due to this process,» – said the Prime Minister.

Ripplewood Advisors confirms – the postponing of the contract’s signing is merely technical.

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