Banks, Energy, Financial Services, Latvia, Legislation

"Norvik banka has lost its trust in Latvia's judicial system. The legal remedy plan approved by Judge Ilmars Dzenis stipulates the inclusion of three fictitious creditors that have allegedly lent over EUR 40 million to the company. This is being done in order to exclude Norvik banka from the legal remedy process," the CEO of the bank Oliver Bramwell told LETA.

According to him, Norvik banka expects that the legal remedy plan will not be executed and that the next step will be Winergy's insolvency with the newly-elected administrator Janis Jurkans in charge. Thus, the judge has approved a refined fraud scheme targeting the bank, Bramwell added.

Norvik banka is also seriously considering the option of turning against the Republic of Latvia accusing it of violating investment protection laws, Bramwell indicated.