All financial services of Latvijas Krajbanka suspended

  • 2011-11-22
  • TBT Staff

RIGA - The Financial and Capital Market Commission (FCMC) on the evening of Nov. 21 decided to suspend all of the financial services provided by Latvijas Krajbanka, reports LETA.

Such a decision was taken as a large amount of money was missing from the bank, of which the FCMC has notified the Prosecutor General’s office.

Latvijas Krajbanka board and council were also suspended, instead, a group of the FCMC’s proxies was appointed to manage the bank, taking over the functions of the bank’s board and council. The commission’s deputy chairman Janis Brazovskis has been appointed head of the proxy group.

The group is to manage the operations of the bank with the aim to preserve the bank's assets.

All financial transactions involving Krajbanka have been halted, and the Financial and Capital Market Commission will later inform about the availability of deposits in the bank.