OREANDA-NEWS. May 18, 2011. Senate of the Supreme Court (SC) repealed decision of Riga City Vidzeme District Court passed in December 2010 on admission of insolvency of Ieva Plaude-Relingere, founder and shareholder of Kolonna group, reported the press-centre of Parex banka.

Joint Stock Company Parex banka turned to Prosecutor General Office of the Republic of Latvia with a request to submit a protest against the applied decision of Riga City Vidzeme District Court passed on 7 December 2010 wherewith Ieva Plaude-Relingere’s insolvency application was satisfied, announcing her insolvency. Parex banka believes that procedural and substantial regulatory norms have been materially violated during review of the case.

Inter alia, the Court has not assessed evidence submitted by Parex banka regarding I Plaude-Relingere’s deliberate and malicious activities as the grounds for insolvency. During the last three years prior to lodging for insolvency, I. Plaude-Relingere has carried out a number of transactions with related persons, materially deteriorating her financial situation. Parex banka believes that these transactions have been effected with the intent to avoid performing liabilities and they have substantially injured the interests of I. Plaude-Relingere’s creditors. Likewise, Parex banka considers that I. Plaude-Relingere has provided incomplete, therefore untruthful, information about her property in the insolvency case. For example, the bank has information at its disposal about substantial assets possessed by I. Plaude-Relingere which she has not declared as belonging to her in the plan for sales of and settlements with creditors.

Parex banka has initiated proceedings against several companies of Kolonna group and Ieva Plaude-Relingere individually. The reason for initiating proceedings is continuous failure of Kolonna and Plaude-Relingere to perform liabilities toward Parex Banka.