Liquidation of ABLV bank continues with EUR 22 million recovered in December

Details were published January 17 of the ongoing liquidation of ABLV bank, which collapsed in the wake of a damning U.S. Treasury report in 2018.

"In December 2019, the recovery of assets continued, as well as verification of their buyers, and the Company continued providing information and answers to requests of various state institutions in accordance with the procedures provided by the law," an update reported.

In December 2019, there EUR 22.8 million was recovered, bringing the total since the commencement of the liquidation process to EUR 749.2 million recovered.

"Currently there are EUR 1.71 billion available to the Company, which covers about 83.5% of all the creditors’ claims," the report said, adding that the total assets are EUR 2.35 billion with lodged creditors’ claims of EUR 2.01 billion.

Also in December the liquidation process of the Company’s subsidiary ABLV Capital Markets, AS was completed, and it was deleted from the commercial register.

"In order to facilitate and stabilise the liquidation process, last year the liquidators of the Company had meetings with the heads of the Ministry of Finance, Ministry of Internal Affairs, Association of Finance Industry, as well as state security institutions," the report said, adding that Ernst & Young is continuing an independent review of creditors.

The guaranteed compensations disbursed by the end of December 2019 were received by 13,876 clients. In total there were EUR 444.6 million disbursed, which is 92.6% of the amount the Company had transferred to the Deposit Guarantee Fund.

 

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