Ernst&Young au­di­tors to be in­volved in ABLV Bank's liq­ui­da­tion

Baltic News Network - - Front Page -

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.

REUTERS/SCANPIX

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