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Primus represents clients in recovery of funds from banks

Primus has been successfully representing clients of different jurisdiction in recovery of funds from ABLV Bank, Rietumu Bank, Norvik Banka and BlueOrange Bank, providing assistance to clients in meeting various requirements of banks, including those related to AML procedures.

In accordance with the laws and regulations, as amended in early 2018, that are basically related to restrictions on cooperation with shell companies, banks carry out customer due diligence procedure, and this may result in increased commissions for services or even termination of customer-bank relationship. In the case of ABLV Bank, it goes through voluntary liquidation and this is an absolutely new experience for Latvia, and due to the lack of regulation and precedent, this procedure is quite a challenge both for liquidators of the bank and its customers.

Primus team included Partner Sintija Radionova, Senior Associate Konstantīns Teļakovs and Associate Igors Dambrāns.



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