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Investor goes to court

  • 2003-04-24
RIGA

The Swiss companies Korowo Invest AG, Kristy AG and Twovas AG wish to acquire a large stake of over 33 percent in Latvia's Baltijas Tranzitu Banka (BTB) and plan to sue the Latvian Finance and Capital Markets Commission for refusing permission for the deal.

Andris Stradins, chief legal consultant of the Finance and Capital market Commission, Latvia's financial market watchdog, said that Korowo Invest AG and Kristy AG had filed a complaint over the refusal at the Riga City Center District Court.

Stradins said that the Swiss companies wanted to acquire over 33 percent in the Latvian bank but had not followed all legal requirements and were therefore refused permission.

Stradins also said that the commission believed that all three companies were related and that the commission had started negotiations with a legal office for representing them in court.

BTB marketing head Uldis Zandars refused to comment the issue. No date has yet been set by the court for hearing the case.

BTB has a paid capital of 8.6 million lats (13.6 million euros). The bank's shareholders include Korowo Invest with 22.6 percent, Cayman Islands-registered United Gulf Investments with 22.5 percent and Development Capital Corporation (Latvia) with 20.1 percent.