83336
Latvian Bank ABLV May Keep Luxembourg Branch
World Economy

Latvian Bank ABLV May Keep Luxembourg Branch

Latvia’s ABLV Bank, accused by US authorities of large-scale money laundering, will be allowed to look for new investors for its Luxembourg branch after a court there ruled against forced liquidation by EU authorities, the bank said, Reuters reported. The decision comes after the European Union’s Single Resolution Board and the European Central Bank said last month ABLV was failing and would be wound up. It followed allegations by US authorities Latvia’s third-biggest bank had covered up money laundering, bribed officials and facilitated the breach of sanctions against North Korea. ABLV has denied wrongdoing. The accusations effectively froze the bank out of US dollar financial markets, prompting its closure and hurting some local peers. But the Luxembourg court on Friday rejected a request from the financial regulator—Commission de Surveillance du Secteur Financier—to liquidate ABLV’s Luxembourg branch, the court said in a statement. The CSSF had been made a temporary administrator of the bank. The court said it appointed two new administrators on Friday. ABLV said its Luxembourg branch had a strong financial standing, which was recognized by the court, and it would now look for new investors.

 

Short URL : https://goo.gl/H9sDyG
  1. https://goo.gl/GZB36x
  • https://goo.gl/SvE63s
  • https://goo.gl/Ky3JAC
  • https://goo.gl/dNU7ZV
  • https://goo.gl/4GMq7K

You can also read ...

US Economy Back on Top of World Competitiveness Ranking
Marking its 30th edition this year, the IMD World...
China Debt Crackdown Leaves Institutions Short of Cash
China is cutting off funds to financial companies and banks...
Some 96% believe that bribery and corruption was an important issue to tackle.
Almost one out of two large global companies experienced some...
Deutsche Bank Will Cut 7,000 Jobs
Deutsche Bank said on Thursday it will reduce global staff...
Taiwan Growth Forecast Upgraded to 2.6%
The directorate general of budget, accounting and statistics...
Turkey Raises Rates Sharply to Prop Up Lira
Turkish President Recep Tayyip Erdogan is facing a potentially...
Two Oman Banks Discuss Merger
Oman Arab Bank has initiated merger talks with fellow Muscat-...
MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat.
Market sentiment was a little shaky on Friday with Asian...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus