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Whistleblower back with renewed attacks

Aug 14, 2012

RIGA – A crusading whistleblower on a new video claims that a ‘secret’ investment deal into Parex Bank will earn the EBRD a 22 percent return, guaranteed by the Latvian government. Latvia took over Parex in 2008 after it collapsed amidst a stew of corruption, including massive money-laundering schemes, as the global financial markets were unraveling.

The EBRD, a European taxpayer-funded bank, took a stake in the bank to help with stabilizing Latvia’s banking sector, and to work towards the bank’s restructuring.

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