Regulator gives rap on knuckles to bank with reputation 'issues'

Take note – story published 8 years and 9 months ago

Latvia's Trasta Komercbanka has been "warned" by the financial regulator the Financial and Capital Markets Commission (FKTK) over its poor reputation and faults with its credit risk practices, FKTK said in a press release Thursday.

"The FKTK Board has decided to issue a warning to Trasta Komercbanka over weaknesses in its credit risk inspections and significant reputational and credit risk assessment of individual transactions," FKTK said.

However, the punishment extended no further than a warning.

Certainly Trasta Komercbanka hs had reputational issues over a period of many years having been connected to the highly irregular purchase of a Ukrainian oil rig at a grossly inflated price, transactions linked to the murder of Russian lawyer Sergei Magnitsky and a remarkable €20 billion scam that siphoned off a significant chunk of Moldova's GDP. 

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