Wed, 18 May 2011: Plaude-Relingere ruling overturned…

The bank said in its petition that Riga Vidzeme District Court’s decision to declare Plaude-Relingere insolvent was unfounded, and claimed that several procedural and legal provisions were v...

Wed, 27 Apr 2011: Rules say ‘no’ to use of reserves…

The government split Parex into an asset management company and created a new retail bank called Citadele Bank in preparation for the sale of both. “Our mandatory reserves are calculated a...

Wed, 24 Nov 2010: Business Analysis: Time for a real partnership in the Baltic…

I am particularly keen to see all three governments fully embrace and implement Public Private Partnerships (PPP). For those who don’t know, PPP is a mechanism which allows the state to co...

Wed, 10 Feb 2010: Parex gets new funds…

According to information provided by Parex, of the approximately 218 million lats which is necessary for the current credit syndicate repayment, the bank will be able to provide around 118 milli...

Thu, 28 Jan 2010: Bank takes over sports hall…

The details of the deal were not revealed. The sports hall was built in 2006 in preparation for the ice hockey world championship. The building’s total area is 22,570 square meters. Last ...

Wed, 15 Jul 2009: Recent developments in Residential Property Management…

Existing law does not deal with minimum common funds or maintenance funds, or the rights and obligations of building managers. Although the introduction of a new law is not necessarily a proper ...

Wed, 19 Dec 2007: TALKING TAX: Independent self-employed or agents as employees?…

However, if the same individual provides personal services under an independent contractor or agent agreement there is no "employer"social security contribution liability for the contracted indiv...

Wed, 11 Oct 2006: Finland’s Kesko sells holding in Rimi Baltic to ICA…

By selling its stake in Rimi Baltic, Kesko will be released of the guarantees and liabilities attached. Additionally, Rimi Baltic will pay back its 24 million euro loan to Kesko Food. Kesko will e...

Wed, 4 Oct 2006: Taking counsel: How much can you rely on your customs …

Such an assumption can be a mistake. As a rule, the agreement between the holder of goods and a broker provides that payments received from the holder of goods to pay taxes and customs duties ha...

Wed, 23 Nov 2005: Administrator calls Riga Sea Lines a lost cause…

He said the company's liabilities exceeded assets by 3 million lats (4.2 million euros). Outstanding debt totaled some 7 million lats."I do not expect anybody to work out a well-grounded recovery ...

Wed, 12 Oct 2005: Auditors unearth old airBaltic loan…

The Latvian Privatization Agency borrowed the funds in order to allow the state to participate in airBaltic's privatization. Sudraba said that the state's liabilities exceed the value of its stake...

Wed, 7 Sep 2005: Brazauskas sacks insurance overseer …

Tadas Kelpsas, a legal representative of plaintiff Autover Lietuva, said, "We will decide on lodging an appeal following the examination of that decision and information available in the bankruptc...

Thu, 6 Mar 2003: Sampo’s profits, assets up…

Sampo Bank Board Chairman Harmo Vark said that the profit had been expected considering that Sampo made considerable investments in increasing its client base last year."For example the number of...

Thu, 28 Oct 1999: Lietuvos Kuras to be privatized for a song…

Lietuvos Kuras, which has over 120 filling stations in Lithuania, has been swimming in debt. A spokesperson at the country's State Property Fund confirmed that Lietuvos Kuras' liabilities came to ...

Thu, 9 Sep 1999: Bankruptcy begins for Litimpeks…

Litimpeks' financial woes were already well known after the bank spent most of August experiencing one bad break after another.The central bank cut off Litimpeks' banking activities Aug. 13. Litim...

Thu, 29 Jul 1999: Depositors to decide Komercbanka’s fate…

"If we don't get those 6.3 million lats, and there is no result after this meeting, I will have nothing else to do but start liquidation. I can't allow the current situation to go on indefinitely ...

Thu, 25 Mar 1999: The waiting game goes on…

They claimed that Berrey handed over liquidation documents that don't give a clear picture of the bank's financial situation.Invest-Riga Director Andris Denins said, "The balance sheets that were ...

Thu, 10 Sep 1998: Bank takes over debt-ridden TV station…

"Though we have replaced some of the TV 1 leaders, no large scale changes in programming are foreseen as it could reduce the present target group."The shares going to Uhispank are still insufficie...

Thu, 13 Aug 1998: Cabinet settles LASCO-Latvenergo dispute…

Since LASCO has no need for natural gas, the Latvian government transferred the gas to the state gas utility Latvijas Gaze. The latter never paid LASCO for the received gas.Latvijas Gaze subsequen...
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