OREANDA-NEWS. September 08, 2014. The Association of Commercial Banks of Latvia (LKA) and its members – banks – support Norvik Banka’s activities related to protection of its interests in legal processes and express solidarity with Norvik Banka in its stand, the report of the Association of Commercial Banks of Latvia to mass media says.

„Just like Norvik Banka, the rest of the banks stand for honest business environment in Latvia, law-governed state, reliable legal system, as well as against corruption. Unfortunately, not only Norvik Banka but also other LKA members experienced unconscientious processes and actions, in particular in the field of companies’ insolvency. To illustrate, the case Danske Bank vs Ceturta Planeta, which was examined and even won in the Constitutional court but did not, however, guarantee full respect of the bank’s, i.e. the creditor’s, rights. Likewise, there are also other publicly known cases, such as Swedbank vs Terbatas Biznesa Centrs, Reverta vs Delfins Partneri,” pointed out LKA.

The report highlights that the commercial banks of Latvia support Norvik Banka’s activities aimed at improvement of the insolvency and legal systems in Latvia. Moreover, this process in the LKA’s opinion is an important signal of the level of protection of foreign investments in Latvia and of international legal procedure risks. It jeopardizes international reputation of Latvia and competitive capacity of attracting foreign investments to the Baltic States.

LKA urges responsible authorities and officials empowered to assess this particular case with Norvik Banka and the reproaches expressed regarding illegal actions to examine these facts and information on the merits to ensure confidence in the rule of law in Latvia.