Bonds of ABLV Bank to be removed from Nasdaq Riga

Bonds of ABLV Bank to be removed from Nasdaq Riga

The bonds of the soon to be liquidated ABLV Bank will be removed from Nasdaq Riga list of debt securities next week, according to information published by the stock market.

Considering the request from ABLV Bank, the board of the stock exchange has decided to remove the bank’s securities from the list of debt securities, setting 30 June 2020 as the final day.

19 of ABLV Bank’s bond emissions are included in the stock exchange.

As previously reported, the bank justified the request to remove its bonds from the stock market with the self-liquidation process commenced in 2018, because in compliance with the Law on Credit Institutions, the bank has lost the interest of its depositors to continue quoting securities on the stock market’s list of debt securities.

At the same time, the bank’s representatives say that following removal of bonds from the stock market’s list all of the bank’s securities will be removed from Nasdaq CSD entirely.

Removal of securities from the list of debt securities and issue of money in claims will not affect monetary claims from creditors, amounts requested, approval and payment period.

Those who have yet to submit creditor requests to apply for the right to a monetary claim, it is necessary to submit a request application as ABLV Bank creditor.

As previously reported, to ensure To ensure maximum protection of customers’ and creditors’ interests and, considering the decision of the European Central Bank regarding commencement of the bank’s liquidation process, ABLV Bank shareholders made the decision at their 26 February 2018 meeting to self-liquidate the bank. Latvian Finance and Capital Market Commission’s council permitted ABLV Bank to commence the self-liquidation process on 12 June 2018. On 12 June 2018 European Central Bank annulled ABLV Bank’s license.

Problems for ABLV Bank started when US Department of Treasury Financial Crimes Enforcement Network announced in February 2018 its plans to establish sanctions against ABLV Bank for money laundering schemes that had assisted with North Korea’s nuclear arms programme, as well as illegal activities in Azerbaijan, Russia and Ukraine.

Pic Credit: https://www.cnbc.com/2018/02/19/ecb-imposes-payment-block-on-latvian-bank-amid-us-corruption-allegations.html

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