ABLV Bank Shareholders Appoint the Fourth Liquidator

Riga, Latvia, April 23, 2018, 12:00 / Banking

On 23 April, 2018, an extraordinary shareholders’ meeting took place, at which sworn attorney Eva Berlaus was elected as the fourth liquidator of the bank.

Eva Berlaus is a country managing partner of Sorainen Latvia and head of the Corporate and M&A Practice Group, which includes the Corporate, Employment, Investment Incentives, M&A, Private Equity and Privatisation Practice Areas.

Eva Berlaus will join the team of the liquidators that has already been approved at the general shareholders’ meeting of the bank — sworn lawyer and insolvency administrator Elvijs Vēbers, real estate and finance expert Andris Kovaļčuks, as well as corporate finance expert Arvīds Kostomārovs. To ensure support for the liquidators and supervision of the liquidation process, the bank will additionally engage an international auditing company.

As reported earlier, after the decision of the European Central Bank on initiating liquidation of ABLV Bank, for maximum protection of interests of the clients and creditors, on 26 February 2018, ABLV Bank extraordinary shareholders’ meeting made a decision on voluntary liquidation of the bank. On 5th March, the bank submitted a draft voluntary liquidation project to the Financial and Capital Market Commission. The voluntary liquidation plan is aimed at satisfying claims of all clients and creditors of the bank in full.

Currently, the FCMC continues assessment of the submitted voluntary liquidation application and the plan.