Unibanka tries to block Stalkers' investments

  • 2000-01-20
RIGA (LETA) - Unibanka has filed a petition in Latgale regional court
to prohibit the Daugavpils company Stalkers from making investments
in Tolaram Fibers, according to court documents. Stalkers is the
lessee of Toleram Fibers

Unibanka's petition is related to the case against TF and
Stalkers"concerning a Jan. 6 ruling which deems the TF rental
agreement with Stalkers null and void.

Stalkers' atorney, Ainars Platacis, said the bank is acting against
its own interests by filing the petition. The attorney stressed that
the company's value grows if investments are made. Unibanka, as the
TF creditor, should be more interested in increased value of its
mortgaged property, said Platacis.

He linked the petition with information released on the possible
large investments in TF by the French concern Rhodia, a runner-up
candidate for the TF lease. According to Platacis, Rhodia actually
had intended to undermine its competition - TF.

Rhodia's goal coincides with Unibanka's action, said Platacis.

In response, Unibanka's spokesman Haralds Burkovskis said that it
would be foolish for the bank to operate counter to its interests.