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Depositors to decide Komercbanka's fate

Jul 29, 1999
By Anastasia Styopina

RIGA - Time is running out for Rigas Komercbanka. If the insolvent bank fails to collect 6.3 million lats ($10.5 million) in the next few days, administrator Gundars Cers says he will be forced to start the liquidation process.The fate of the bank rests firmly with its clients, Cers said. That's why he tried to convince about 400 depositors gathered at Daugava Sports Center July 20 to leave their money in the bank in exchange for shares and future benefits."Today we are at the borderline," Cers ...

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