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Such are the bank's conclusions after attempting to retrieve loans issued to several now-defunct energy companies – Pope VP1, Winergy, Osmali.

"I was shocked to find out the proportions of corruption and fraud in Latvia, and how unprotected the financial sector is against it. Nothing like this would be possible in Great Britain, the guilty would be in prison and the assets in question would have been seized until a court verdict was issued in the case," Bramwell indicates.

He explains that the bank had issued loans for green (wind) energy producers, losing millions of euros due to fraudulent activities and various schemes employed by these companies. The bank has still not been repaid these loans, but it will continue to work on these cases and, if necessary, turn to European Union, British or U.S. courts.

Norvik banka concluded the first half of 2014 with a profit of EUR 650,000. The bank's assets increased by 2.6%, while the clients' deposits – by 1.4%.

83.63% of Norvik banka shares belong to Grigory Guselnikov, while the remaining 16.37% – to other shareholders, each owning less than 10% of the shares.