Banks, Financial Services, Latvia
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Court rules for liquidation of VEF banka
Alla Petrova, BC, Riga, 16.11.2010.
Print version
Print versionRiga District Court yesterday satisfied the application of the Financial and Capital Market Commission (FCMC) and ruled for the liquidation of VEF banka, LETA was informed by court spokesman Ilvars Tomsons.
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The decision cannot be appealed, added Tomsons.
As reported, the bank's license was revoked by the FCMC on May 26. Although the process was later suspended following an appeal by the bank, the Senate of the Supreme Court ruled in favor of the FCMC's decision.
As reported, VEF banka posted LVL 751,243 in losses last year - approximately 4 percent more than in 2008.
The bank's loan portfolio fell from LVL 2.2 million to LVL 1.6 million, whereas the amount of deposits at the bank dropped from LVL 2.8 million to LVL 1.2 million.
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