Latvia: Owners of ABLV Bank Have Started the Liquidation Process

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STOCKHOLM: The owners of the Latvian ABLV Bank accused of large-scale operations on money laundering by the American authorities have made the decision to liquidate the bank. The decision has been made after the European Central Bank has made the statement about the winding up of ABLV.

Ernests Bernis and Olegs Fins, the main owners of the bank, who own stakes of 43.5% each, consider liquidation as the only way to secure the company assets and to carry out all payments to clients. It has been said in the e-mail statement from Bernis.

‘Considering the previous experience of the application of procedures concerning insolvency and liquidation in Latvia, (we) believe that this is the best decision’ – said Bernis, who is the chairman of the board of the bank. ‘This is a very difficult decision for us, but it is the only possible solution in the current conditions’.