Liquidators “ABLV Bank“The liquidators recovered assets in the amount of 6.083 million euros in August this year, according to the information published by the bank.
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Of which, 6.081 million euros were recovered from loans issued in July 2021, and 2,000 euros from the sale of movable and other property.
Thus, in the first eight months of this year, the liquidators of ABLV Bank have recovered 206.228 million euros, but since June 12, 2018, when the bank’s self-liquidation process began – 1.065 billion euros. Of these, 355.493 million euros were recovered in 2018, 393.767 million euros in 2019, and 109.797 million euros in 2020.
At the same time, ABLV Bank’s liquidation expenses in July this year amounted to 3.377 million euros, including salaries and severance pay, including taxes, amounted to 1.165 million euros, cash and financial instruments custody expenses – 727,000 euros, expenses for maintenance of bank property and premises. during the liquidation – 254,000 euros, the liquidators’ remuneration, including taxes – 83,000 euros, but other liquidation expenses were 1.148 million euros.
Thus, in the first eight months of this year, the bank’s liquidation expenses total 31.623 million euros, but since the beginning of the bank’s self-liquidation process – 125.928 million euros. Of which, in 2018, the bank’s liquidation expenses were 21.046 million euros, in 2019 – 36.873 million euros, and in 2020 – 36.386 million euros.
The report also shows that on 30 July 2021, the claims of creditors filed by ABLV Bank amounted to EUR 1.844 billion, which is 6.2% less than at the end of last year, when the claims of creditors filed amounted to EUR 1.966 billion.
At the end of August, ABLV Bank’s cash and demand deposits with central banks amounted to EUR 1.29 billion, the bank’s claims on credit institutions amounted to EUR 426.399 million, long-term investments held for sale amounted to EUR 48.216 million, investments in associates and associates amounted to EUR 141.458 million, The bank had issued EUR 88.714 million in loans, while investments in financial instruments amounted to EUR 105.480 million.
In total, ABLV Bank’s assets on 31 August this year amounted to 2.114 billion euros.
At the end of August, the bank’s capital and reserves amounted to 223.712 million euros.
ABLV Bank’s contingent liabilities amounted to 810,000 euros at the end of August, and 810,000 euros at the end of July.
The published information also mentions that by the end of July 2021, more than 14,500 former customers of the bank have recovered their deposits in the bank. These are mainly customers with account balances up to 100,000 euros, to whom a total of 450.7 million euros has been paid out of the amount transferred to ABLV Bank in the Deposit Guarantee Fund.
Work is also underway with more than 3,000 owners of the largest account balances, with a total of € 1.84 billion. Payments of creditors’ claims are made only if, after the inspection, the obstacles specified in regulatory enactments for the performance of such costs are not established. The inspections are performed by an international team of consultants hired by ABLV Bank from Ernst & Young. By the end of August, inspections were completed for 1179 creditors.
LETA has already reported that, for the maximum protection of the interests of customers and creditors and taking into account European Central Bank decision on the commencement of the liquidation process, the shareholders of ABLV Bank decided at the extraordinary meeting on February 26, 2018 to self-liquidate, Financial and capital market commissions On June 12, 2018, the Supervisory Board allowed ABLV Bank to start the announced self-liquidation process. As of July 12, 2018, the European Central Bank has revoked the license issued by ABLV Bank.
ABLV Bank’s problems arose in the United States Ministry of Finance The Financial Crime Prevention Network (“FinCEN”) announced in mid-February 2018 that it plans to impose sanctions on ABLV Bank for money laundering schemes that have contributed to North Korea’s nuclear weapons program, as well as illegal activities in Azerbaijan, Russia and Ukraine.
The report published by FinCEN also states that until 2017, the management of ABLV Bank used bribery to influence officials in Latvia, trying to prevent legal actions against it and reduce the threat to their high-risk activities.
ABLV Bank has rejected the allegations, and the Corruption Prevention and Combating Bureau (KNAB) has stated that it has not found any evidence of ABLV Bank’s management involvement in bribery, as FinCEN had claimed in its report.
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