THE BANK HAS TURNED TO PROSECUTOR GENERAL OFFICE OF THE REPUBLIC OF LATVIA, REQUESTING TO SUBMIT A PROTEST AGAINST THE COURT DECISION

Joint Stock Company Parex banka has turned to Prosecutor General Office of the Republic of Latvia with a request to submit a protest against the applied decision of Riga City Vidzeme Suburbs Court of 7 December 2010 wherewith Ieva Plaude-Rēlingere’s insolvency application was satisfied, announcing her insolvency. Parex banka believes that procedural and substantial regulatory norms have been materially violated during review of the case.

Inter alia, the Court has not assessed evidence submitted by Parex banka regarding I Plaude-Rēlingere’s deliberate and malicious activities as the grounds for insolvency. During the last three years prior to lodging for insolvency, I. Plaude-Rēlingere has carried out a number of transactions with related persons, materially deteriorating her financial situation. Parex banka believes that these transactions have been effected with the intent to avoid performing liabilities and they have substantially injured the interests of I. Plaude-Rēlingere’s creditors. Likewise, Parex banka considers that I. Plaude-Rēlingere has provided incomplete, therefore untruthful, information about her property in the insolvency case. For example, the bank has information at its disposal about substantial assets possessed by I. Plaude-Rēlingere which she has not declared as belonging to her in the plan for sales of and settlements with creditors.
 
Parex banka has initiated several proceedings against a number of enterprises in SIA Kolonna group and against I. Plaude-Rēlingere as a natural person. The reason for initiating proceedings is continuous failure of SIA Kolonna and I. Plaude-Rēlingere to perform liabilities.

About Parex banka:
Since 1 August 2010 when Parex banka launched its activity as a solution bank, simultaneously discontinuing to provide such classical bank services as account and deposit services, loans and others, the main goal of Parex banka is to recover State investments to the maximum amount possible. To achieve this goal, the bank focuses its activity on efficient restructuring of loans, debt recovery and management of overtaken real estate. Since 1 August 2010, Parex banka has recovered 60 million Lats which are going to be used for reimbursement of syndicated loan in May this year.

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