Latvian central bank ordered to pay 60 million in compensation

  • 2010-10-13
  • TBT Staff

RIGA -- A court has ordered the Latvian central bank to pay nearly 60 million lats to the company that liquidated now defunct "Banka Baltija".

The suit, originally filed in 2005, was a demand by BDO for 238 million lats to cover losses incurred from the collapse of the bank. The demand was based on a 1995 government memorandum on guaranteeing investment coverage.