Fraud claims taint investment climate

  • 2014-09-03
  • From wire report
RIGA - If the Latvian government does not ensure an environment in which a bank can recover loans it makes to businesses, further lending and attraction of investments to the country may become problematic, CEO of Norvik bank Oliver Bramwell said in an interview with business daily Dienas Bizness in early August, reports LETA.Such are the bank’s conclusions after attempting to recover loans issued to several now-defunct energy companies - Pope VP1, Winergy, Osmali.“I was shocked to find out the proportions of corruption and fraud in Latvia, and how unprotected the fin...
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