Latvian central bank governor denies bribery allegations

Ilmars Rimsevics governor of the Bank of Latvia pauses during a Bloomberg Television interview in Riga Latvia on Thursday Feb. 22 2018. Rimsevics said he's never been offered a bribe but there's been a

Ilmars Rimsevics governor of the Bank of Latvia pauses during a Bloomberg Television interview in Riga Latvia on Thursday Feb. 22 2018. Rimsevics said he's never been offered a bribe but there's been a"hint of one and that he regrets not reportin

Latvia's troubled ABLV Bank, which US authorities accused of involvement in money laundering schemes and bribery, is likely to be liquidated as the European Central Bank has determined that the bank is failing or likely to fail, the Baltic country's financial regulator said Saturday.

"Following the decision by the European Central Bank to declare ABLV Bank, AS and its subsidiary ABLV Bank Luxembourg S.A.as "failing or likely to fail", the Single Resolution Board has decided that resolution action is not necessary as it is not in the public interest for these banks", it said.

ABLV was plunged into crisis after the US Treasury Department this month proposed to ban it from the American financial system, saying it helped process illicit transactions, including for entities with alleged ties to North Korea's ballistic missile program.

The bank said the allegations are politically motivated. But he did not provide any further details or comment on the ABLV case.

The private sector bank's CEO Ernest Bernis for his part told reporters yesterday that ABLV had sold a good chunk of its securities portfolio and was now ready for the payment freeze to be lifted.

The eurozone member's longtime governor, who was appointed in 2001 and also sits on the European Central Bank governing council, was detained last weekend by the Corruption Prevention Bureau (KNAB) and accused of having solicited and received a bribe of at least €100,000 (RM481,500).

More news: Messi's goal'll give Barca more space - Suarez
More news: Thousands flock to see Rev. Billy Graham's procession from mountains to Charlotte
More news: NRA sees corporate backlash following Florida school shooting

That refers to a bank's significance and whether its problems could spill over to affect others.

"As a effect, the winding up of the banks will take place under the law of Latvia and Luxembourg, respectively", the SRB said in a statement.

"The bank did not have sufficient funds which are immediately available to withstand stressed outflows of deposits before the payout procedure of the Latvian deposit guarantee fund starts", the ECB added.

The bank said its liquidation may be started "in the nearest future" and that "the amount of its assets is sufficient to satisfy demands of all clients and creditors". Customers can contact the bank directly or the FCMC which is the administrator for the Latvian deposit guarantee fund, " the ECB points out.

The episode is Latvia's biggest financial difficulty in a decade.

Recommended News

  • Mark Janus Reveals Why He's Fighting Forced Union Dues

    Mark Janus Reveals Why He's Fighting Forced Union Dues

    But then Justice Antonin Scalia died in 2016, and the justices issued a terse order indicating that they were divided 4-4. Illinois Attorney General Lisa Madigan, a Democrat, is defending the state law alongside the union.
    Watford widen gap from relegation zone with Everton win

    Watford widen gap from relegation zone with Everton win

    Sam Allardyce blamed Everton's 1-0 defeat at Watford on his players after insisting their inability to finish had cost them. We've got West Brom next week and there's no point winning one and losing three or four.
    Arsenal stands in way of Pep's first Man City silverware

    Arsenal stands in way of Pep's first Man City silverware

    Yes, they are going to win the league and it's going to be a fantastic season for them whatever happens beyond that. Inside 11 minutes Arjen Robben cut inside onto his left foot and crashed the opening goal into the far corner.
  • Jaitley criticised regulators for failing to detec PNB fraud

    Jaitley criticised regulators for failing to detec PNB fraud

    With increase in instances of willful defaulters gaming the banking system, Jaitley said the non-performing assets were a result of both business failure and diversion of funds by companies.
    Gov. Scott announces plan on school safety

    Gov. Scott announces plan on school safety

    He added that the department's training "paid off" and his officers did exactly what he hoped they would do in that situation. A post to the Facebook page created for the walk out simply states: "We are Westfield High School students".

    Former Trump campaign manager charged for paying former European politicians

    In court filings over the past few months, Gates gradually began to show the strain the case was placing on him and his family. Gates' plea poses the biggest immediate risk to Manafort, who was also the former's longtime business partner.
  • Businesses Are Fleeing The NRA In Wake Of Parkland School Shooting

    Businesses Are Fleeing The NRA In Wake Of Parkland School Shooting

    The bank and vehicle rental company were used by the NRA to promote its membership through discounts and bonus deals. The measures come after 17 people were shot dead by a lone gunman at a high school in Florida this week.
    Flooding a threat across much of Arkansas through weekend

    Flooding a threat across much of Arkansas through weekend

    I will talk more about this long range outlook and the overnight storm threat in my forecast at 9, 9:30 and 10 p.m. Isolated pockets of large hail will be limited to the northeast sections (ENHANCED RISK AREA) with these storms.

    The LaSalle Hotel Properties (LHO) Issues Earnings Results, Hits Expectations

    It is negative, as 53 investors sold ALB shares while 158 reduced holdings. 31 funds opened positions while 81 raised stakes. The company has market cap of $2.86 billion. 1832 Asset Mngmt Lp stated it has 120,794 shares or 0.01% of all its holdings.
  • Huddersfield sink West Brom deeper into trouble with win

    Huddersfield sink West Brom deeper into trouble with win

    But it was too little too late and Baggies are now 10 points behind the Terriers and look doomed. We can not wait for the whistle for fouls, we have to work and fight.
    What channel is the Syracuse basketball game on? (at Duke)

    What channel is the Syracuse basketball game on? (at Duke)

    Sophomore guard Tyus Battle leads the nation in minutes played and is among the ACC leaders in scoring with 20.1 points per game. Meanwhile, the Blue Devils are 4-0 ATS in the last four overall and 4-0 ATS in their last four versus the ACC.
    Korea's Choi Da-bin finishes 7th at ladies' singles figure skating

    Korea's Choi Da-bin finishes 7th at ladies' singles figure skating

    This year's games will officially end with the closing ceremonies, which will be held on February 25. Germany won gold, and Canada bronze. "Having the strength for that takes a lot of macho", Horn said.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.