OREANDA-NEWS. January 19, 2011. Joint Stock Company Parex banka filed a claim on defamation against Lato Lapsa at Riga City Suburb Court, demanding to withdraw information offensive to the bank’s reputation and to publish an apology.

Parex banka is fully aware that its operation in recovery of State funds has been and will continue to be of special interest for journalists. This is logical considering the large financial support granted by the State and the interest of the society regarding recovery of funds. Parex banka, on a daily basis, provides information itself and answers journalists’ questions related with the bank’s activity.

Chris Gwilliam, Chairman of the Board of Parex banka, emphasizes: “Parex banka is tolerant towards expressing opinions, understanding that they might not always be favourable for the bank. However in Lato Lapsa’s case, the matter is defamation by disseminating negative information which is not based on facts. In fact, considering his purposeful activities against the bank, Lato Lapsa leaves us with no other choice but to turn to court for assistance”.

Parex banka is open to journalists in any questions. The only exceptions are cases provided for in Law on Credit Institutions when information is classified confidential in order to protect and respect interests of clients. Since split-up of Parex banka, Lato Lapsa has been the only journalist who had objections in relation with answers given by the bank on submitted requests.

Basically, an impression exists that Lato Lapsa used the bank’s overtness policy not only by requesting information necessary for preparing materials, he also continuously tyrannized responsible employees with many and difficult to understand requests. One must add that all requests received answers in good faith, observing the procedure.

During the last months, Lato Lapsa spread blatantly false information about Parex banka. The most widely known information is that Parex banka’s officials are telling lies about selling conditions for Vernisaza building, that Parex banka is released from liability, and others. Actually, Lato Lapsa accuses the bank’s management in unlawful activities, thus causing material damage to the bank’s reputation.

“No matter what Lato Lapsa’s motives are, legal assessment of such activities, withdrawal of disseminated news and apology for defamation and reputation damage caused is of crucial importance for Parex banka. Indemnity is not requested in the application,” Chris Gwilliam points out.

Since 1 August 2010 when Parex banka launched its activity as a solution bank, simultaneously discontinuing to provide such classical bank services as account and deposit services, loans and others, the main goal of Parex banka is to recover State investments to the maximum amount possible. To achieve this goal, the bank focuses its activity on efficient restructuring of loans, debt recovery and management of overtaken real estate. Since 1 August 2010, Parex banka has recovered 60 million Lats which are going to be used for reimbursement of syndicated loan in May this year.