Fraud suspect Goilo released on bail of 50,000 lats

May 11, 2000

Subrovska could not explain however why such a decision had been adopted and whether the money had been paid.

Yesterday, the Riga Regional Court heard the case for criminal proceedings against Goilo, accused of swindling the bank Olimpia of $500,000.

Goilo was incarcerated after he was extradited from the United States to Latvia on Aug. 27 last year.

As soon as Goilo arrived in Latvia, the prosecutor's office charged him with misappropriation of funds on a large scale. Goilo's previous bail, set on July 17, 1996, when Goilo was declared "wanted" was left in force.

Goilo is charged with acquiring unlawful credit of $500,000 in the bank Olimpija in 1993, part of which he kept himself.

After that, Goilo moved to the United States where he became owner of a night-club.

Latvian law-enforcement institutions demanded the extradition of Goilo over one-and-a-half years ago. He was extradited only in August.

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