Ernst&Young auditors to be involved in ABLV Bank's liquidation
In the liquidation of Latvian ABLV Bank, international auditor firm Ernst&Young will be engaged to ensure transparent implementation of the voluntary liquidation plan, said the bank’s liquidator.
On Monday, June 4, Arvīds Kostomārovs, the liquidator in charge of the process, confirmed that the decision to work with Ernst&Young has been made to ensure a transparent process of winding up that would adhere to normative enactments and the best international practices.
Kostomārovs said that the firm has reviewed the bank’s plan for voluntary liquidation and has appointed to the project team specialists from Latvia, the U.S., the UK, Poland, and Lithuania.
The ABLV Bank’s head of communications Artūrs Eglītis stated previously that international auditors have assessed the plan, which had been submitted to the Latvian Finance and Capital Market Commission, and have concluded that it can be carried out.
As it is known, to ensure protection of clients’ and creditors’ interests and, considering the decision made by the European Central Bank in regards to launch of the liquidation process, ABLV Bank’s shareholders made the decision at 26 February meeting to commence the bank’s self-liquidation process. ABLV bank believes this will ensure maximum protection of the bank’s assets, as well as help pay back deposits to all clients.
Problems for ABLV Bank started when US Fin CEN announced in the middle of February plans to apply sanctions against the bank in response to alleged money laundering schemes that supposedly assisted with North Korea’s nuclear programme, as well as illegal activities in Azerbaijan, Russia and Ukraine.