Today, on 17 September, in accordance with anticipated agenda, a claim brought forward on 7 September 2010 by minority shareholders Firebird Republics SPV, Amber Trus and DCF Fund was reviewed in Parex banka’s Council Meeting. Minority shareholders turned to Parex banka’s Council with a request to file a claim against the bank’s former Board on selling Belorussian Parex leasing which took place at the beginning of last year.

After reviewing and prudently considering the request submitted by minority shareholders and the documents appended to it as well as other related significant documents, Parex banka’s Council concluded that there is no legal basis for filing a claim and that the requests of minority shareholders are based on incomplete information.

As it was mentioned already previously, selling of Parex leasing was recognized as a beneficial and well grounded solution according to the market situation and Parex banka’s restructuring plan. The transaction took place in May 2010, receiving an approval from Parex banka's Council, the European bank for Reconstruction and Development as well as Privatization Agency beforehand. Besides, the transaction was approved by Finance and Capital Market Committee and the European Commission was also informed about it. Selling of Parex leasing ensured maximum recovery of Parex banka’s asset worth, observing interests of all shareholders. 

Decision on selling of Parex leasing was made after a detailed and thorough inspection of the transaction, simultaneously developing and assessing possible scenarios for developing the company’s business. Financial analysis of the sales transaction conducted preventively showed that Parex banka's benefits from the particular deal would be much bigger than the ones from continuing business activity within the framework of restrictions imposed on the bank. 

Additional information:
Marita Ozoliņa-Tumanovska
Head of Communications and Marketing
Tel. 67779142 or 29287169
e-mail: Marita.Ozolina@parex.lv