The liquidators of ABLV Bank under liquidation have recovered assets amounting to 6.083 million Euros in August of this year, according to the information published by the bank.
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Of which, 6,081 million euros were recovered from loans issued in July 2021 and 2,000 euros from the sale of movable and other assets.
Thus, in the first eight months of this year, the liquidators of ABLV bank recovered 206.222 million euros, but from June 12, 2018, when the self-liquidation process of the bank began – 1.065 billion euros. Of these, 355.493 million euros were recovered in 2018, 393.767 million euros in 2019 and 109.797 million euros in 2020.
At the same time, ABLV Bank’s liquidation expenses in July of this year amounted to EUR 3,377 million, including salaries and compensation expenses, including taxes, EUR 1,165 million, cash and financial expenses, bank facilities. during the liquidation – 254,000 euros, the liquidators’ fees, including taxes – 83,000 euros, but the other liquidation expenses were 1.148 million euros.
Thus, in the first eight months of this year, the bank’s liquidation costs amount to a total of 31.623 million Euros, but since the beginning of the self-liquidation process of the bank – 125.928 million Euros. Of which, in 2018, the liquidation costs of the bank were 21,046 million euros, in 2019 – 36,873 million euros and in 2020 – 36,386 million euros.
The report also shows that on July 30, 2021, creditors ‘claims on ABLV Bank amounted to 1.844 billion euros, 6.2% less than at the end of last year, when creditors’ complaints amounted to 1.966 billion euros.
At the end of August, ABLV Bank cash and receivables deposits with central banks amounted to EUR 1.29 billion, the bank’s receivables to credit institutions amounted to EUR 426.399 million, long-term investments for sale EUR 48.21 million, investments in associates and associates to 141.458 million euros, the bank had issued 88.714 million euros in loans, while investments in financial instruments amounted to 105.480 million euros.
In total, the assets of ABLV Bank on August 31 this year amounted to 2.114 billion Euros.
At the end of August, the bank’s capital and reserves amounted to 223.712 million euros.
Contingent liabilities of ABLV Bank amounted to 810,000 euros at the end of August and 810,000 euros at the end of July.
Published information also indicates that by the end of July 2021, more than 14,500 former customers of the bank have recovered their deposits in the bank. These are mainly customers with an account balance of up to 100,000 euros, to whom a total of 450.7 million euros have been paid from the amount transferred to ABLV Bank in the Deposit Guarantee Fund.
Also, work is underway with the owners of more than 3,000 significant account balances with a total account balance of 1.84 billion Euros. Payments of creditors’ claims are made only if, after the audit, the obstacles set out in the regulations for the execution of such expenditure are not identified. The inspections are carried out by an international team of consultants hired by ABLV Bank from Ernst & Young. By the end of August, checks were completed for 1179 creditors.
LETA has already stated that in order to maximize the protection of the interests of customers and creditors and taking into account the decision of the European Central Bank to initiate liquidation proceedings, the shareholders of ABLV Bank decided to liquidate at the extraordinary meeting of 26 February 2018. In June 12 , 2006, ABLV Bank was allowed to start the announced self-liquidation process. As of July 12, 2018, the European Central Bank revoked the license issued by ABLV Bank.
ABLV’s problems arose after the US Treasury Department’s Financial Crime Network (FinCEN) announced in mid-February 2018 that it planned to impose sanctions on ABLV for money laundering programs contributed to its nuclear weapons program. as well as in Azerbaijan, Russia and Ukraine.
The report published by FinCEN also states that until 2017, ABLV’s management used bribery to influence employees in Latvia, trying to prevent legal action against it and reduce the threat of high-risk activities.
ABLV Bank has denied the allegations, and the Office for the Prevention of Corruption (KNAB) says it has found no evidence of ABLV Bank’s management involvement in the bribery, as FinCEN claimed in its report.