RIGA — Two of Parex Bank’s shareholders may be preparing a lawsuit against the nationalized company for not consulting them on the decision to split the bank and create Citadele Bank.
Sweden’s East Capital Management and the [private_supervisor]U.S.-based Firebird Funds own slivers of Parex in the 3.7 percent not in the hands of the Latvian government and the European Bank for Reconstruction and Development. The bank was nationalized in 2008 to bail it out from insolvency.
“The actions of Parex Bank, brought by the state, have seriously damaged friendly relations with investors,” Firebird Funds CEO Harvey Sawikin told the Telegraf newspaper.
The Latvian Privatization Agency declined to comment on the matter, noting that no lawsuit has been filed yet.
The Cabinet of Ministers approved restructuring plan of Parex Bank in March. According to the plan a part of Parex Bank’s assets are being used for the creation of Citadele, set to open on Aug. 1. Citadele will have a stable financial base, which will make it more attractive to investors and help generate money to repay the state for its bailout. [/private_supervisor] [private_subscription 1 month]U.S.-based Firebird Funds own slivers of Parex in the 3.7 percent not in the hands of the Latvian government and the European Bank for Reconstruction and Development. The bank was nationalized in 2008 to bail it out from insolvency.
“The actions of Parex Bank, brought by the state, have seriously damaged friendly relations with investors,” Firebird Funds CEO Harvey Sawikin told the Telegraf newspaper.
The Latvian Privatization Agency declined to comment on the matter, noting that no lawsuit has been filed yet.
The Cabinet of Ministers approved restructuring plan of Parex Bank in March. According to the plan a part of Parex Bank’s assets are being used for the creation of Citadele, set to open on Aug. 1. Citadele will have a stable financial base, which will make it more attractive to investors and help generate money to repay the state for its bailout. [/private_subscription 1 month] [private_subscription 4 months]U.S.-based Firebird Funds own slivers of Parex in the 3.7 percent not in the hands of the Latvian government and the European Bank for Reconstruction and Development. The bank was nationalized in 2008 to bail it out from insolvency.
“The actions of Parex Bank, brought by the state, have seriously damaged friendly relations with investors,” Firebird Funds CEO Harvey Sawikin told the Telegraf newspaper.
The Latvian Privatization Agency declined to comment on the matter, noting that no lawsuit has been filed yet.
The Cabinet of Ministers approved restructuring plan of Parex Bank in March. According to the plan a part of Parex Bank’s assets are being used for the creation of Citadele, set to open on Aug. 1. Citadele will have a stable financial base, which will make it more attractive to investors and help generate money to repay the state for its bailout. [/private_subscription 4 months] [private_subscription 1 year]U.S.-based Firebird Funds own slivers of Parex in the 3.7 percent not in the hands of the Latvian government and the European Bank for Reconstruction and Development. The bank was nationalized in 2008 to bail it out from insolvency.
“The actions of Parex Bank, brought by the state, have seriously damaged friendly relations with investors,” Firebird Funds CEO Harvey Sawikin told the Telegraf newspaper.
The Latvian Privatization Agency declined to comment on the matter, noting that no lawsuit has been filed yet.
The Cabinet of Ministers approved restructuring plan of Parex Bank in March. According to the plan a part of Parex Bank’s assets are being used for the creation of Citadele, set to open on Aug. 1. Citadele will have a stable financial base, which will make it more attractive to investors and help generate money to repay the state for its bailout. [/private_subscription 1 year]
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