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EcoMin: information leak reduced Citadele’s price by EUR 7 mln

BC, Riga, 01.10.2014.Print version
The information leak about the sale of the Citadele bank reduced the bank's price by EUR 7 million, Economy Minister Vjaceslavs Dombrovskis (Reform Party/Unity) told the press representatives after a government meeting on Tuesday, cites LETA/Nozare.lv.

When asked whether the state will suffer losses as a result of Citadele sale, Dombrovskis said that it would be wrong to talk about losses.

 

"Auditors calculate the value of a bank or any other enterprise, as is the case with real estate where the price may change after a while. The European Bank for Regional Development bank has clearly stated that the Citadele bank sale was transparent. We did everything in our power to encourage competition in the bank's sale process, however, there were various obstacles hindering the process, such as the geopolitical circumstances and information leaks about the bank's sale process," Dombrovskis said.

 

According to Dombrovskis, the information leak about the Citadele bank sale process reduced the number of potential investors and also the competition. "We wanted to have greater competition and a large number of prospective buyers, however, this process was affected by the information leak. As a result, several investors were able to receive information about other competitors' interests, which cost EUR 7 million to the state," Dombrovskis said, adding that the bank's price was calculated by France's Societe Generale.






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