The assets of “ABLV Bank” were recovered in November in the amount of EUR 5.9 million

The liquidators of ABLV Bank, which is being liquidated, recovered assets in the amount of EUR 5.9 million this November, which is several times more than a month earlier, when the bank’s assets were recovered in the amount of EUR 430,000, according to the bank’s public information.

Among them, 5.155 million euros were recovered from securities in November 2023, 547,000 euros were recovered from loans issued, and 198,000 euros were recovered from the sale of movable and other property.

Thus, in 11 months this year, the liquidators of “ABLV Bank” have recovered a total of 26.99 million euros, but since June 12, 2018, when the bank’s self-liquidation process began, the liquidators of “ABLV Bank” have recovered a total of 1.285 billion euros, including in 2018 355.493 million euros were recovered, in 2019 – 393.767 million euros, in 2020 – 109.797 million euros, in 2021 – 287.058 million euros, and in 2022 – 112.442 million euros.

At the same time, the liquidation expenses of “ABLV Bank” amounted to 976,000 euros in November this year, including wages and severance pay to employees, including taxes, were 644,000 euros, the necessary expenses for the maintenance of the bank’s property and the necessary work premises during the liquidation – 177,000 euros, the liquidator compensation, including taxes, – 57,000 euros, expenses for storing money and financial instruments – 13,000 euros, and other liquidation expenses were 86,000 euros.

Thus, in 11 months of this year, the bank’s liquidation expenses amount to a total of 17.89 million euros, but since the beginning of the bank’s self-liquidation process, the liquidation expenses of “ABLV Bank” amount to a total of 191.036 million euros, including the bank’s liquidation expenses in 2018 in the amount of 21.046 million euros, in 2019 – in the amount of 36.873 million euros, in 2020 – in the amount of 36.386 million euros, in 2021 – in the amount of 43.533 million euros, and in 2022 – in the amount of 35.308 million euros.

The report also shows that on November 30, 2023, “ABLV Bank” claimed claims of creditors amounted to 1.133 billion euros, which is 7.5% less than at the end of 2022, when claimed claims of creditors amounted to 1.225 billion euros. On the other hand, the other creditors’ claims amounted to 34.275 million euros.

At the end of November, “ABLV Bank’s” treasury and claims against central banks amounted to 980.306 million euros, the bank’s claims against credit institutions were 142.371 million euros, the bank had issued 29.307 million euros in loans, investments in financial instruments were 13.64 million euros, investments by relatives and associates the share capital of the company amounted to 140.302 million euros, while long-term investments held for sale amounted to 510,000 euros.

In general, the assets of “ABLV Bank” amounted to 1.372 billion euros at the end of November this year.

On the other hand, the bank’s capital and reserves at the end of November were 195.821 million euros.

The LETA agency already announced that, for the maximum protection of the interests of customers and creditors and taking into account the European Central Bank’s decision to start the liquidation process, the shareholders of “ABLV Bank” decided to self-liquidate at an extraordinary meeting on February 26, 2018, while the Financial and Capital Market Commission (FKTK ), which has been attached to the Bank of Latvia since 2023, on June 12, 2018, the council authorized “ABLV Bank” to start the self-liquidation process. As of July 12, 2018, the European Central Bank has canceled the license issued to “ABLV Bank”.

ABLV Bank’s problems arose after the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced in mid-February 2018 that it plans to impose sanctions on “ABLV Bank” for money laundering schemes that have helped 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 directed against it and to reduce threats to its high-risk activities.

“ABLV Bank” has rejected the accusations, and the Corruption Prevention and Combating Bureau (KNAB) has announced that it has not found evidence of the involvement of “ABLV Bank” management in bribery, as claimed by “FinCEN” in its report. The Financial Intelligence Service, on the other hand, admitted that it had not discovered any violations of North Korean sanctions.