Court rejects former Parex owner’s claim against Reverta

Take note – story published 9 years and 5 months ago

The Riga Northern District Court on Thursday denied the claim by former Parex Bank shareholder Viktors Krasovickis to have state joint-stock asset-recovery company Reverta declared insolvent, reported national information agency LETA.

The verdict cannot be appealed and includes an assessment of court costs against Krasovickis totaling €4907.

According to Reverta communications and marketing director Marita Ozoliņa, the court’s ruling is logical and again proves Krasovickis’ claims to be unfounded.

“Reverta has always fulfilled its contractual obligations and will continue to do so according to the law – so far this year we’ve paid the State Treasury back €77m, much of those payments made before they were even due,” Ozoliņa pointed out.

Reverta now plans to submit a counterclaim against Krasovickis, requesting criminal proceedings be launched by law enforcement authorities for submitting a willingly falsified claim for the request to declare bankruptcy against it. “Such dealings with absurd complaints are a waste of Reverta’s resources that could be better used in the public interest,” said the asset-recovery firm’s representative.

The state took over the capital shares of Parex Bank from shareholders Krasovickis and Valērijs Kargins at the end of 2008 to rescue it from going under in a spectacular failure. Its good assets were afterwards restructured into commercial bank Citadele, while the harder-to-recover ‘bad’ assets were folded into Reverta, the newly named financial institution charged with trying to get the maximum amount of the state’s money back.

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