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LAND bank's license cancelled

Jul 22, 1999

RIGA (BNS) - The Bank of Latvia has canceled LAND bank's banking license July 16 and will file an insolvency claim with the Riga District Court later this week.Bank of Latvia spokesman Edzus Vejins said the license was revoked since the bank had been misleading the central bank and provided false information about its financial situation.In addition, LAND's equity capital does not meet the capital adequacy requirement of 2 million lats ($3.37 million.)Late in March LAND ranked 23rd of Latvia's c ...

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