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Controversial amendments to Credit Institutions Law to be sent to Saeima without any changes
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    Controversial amendments to Credit Institutions Law to be sent to Saeima without any changes

    RIGA, July 13 (LETA) – The controversial amendments to the Credit Institutions Law sent back to the parliament for revision by President Raimonds Vejonis, will again will be sent to the parliament without any changes, Saeima budget committee decided today.

    The committee explained that at present the situation has changed and is not the same as at the time when Saeima revised the amendments for the first time.

    Returning the amendments to the parliament Vejonis noted that the legislative amendments developed alongside the ongoing liquidation process of Trasta Komercbanka and court’s decisions on appointing the administrator, cause suspicion of the wish to affect these processes.

    As reported, Saeima in early June adopted the amendments to the Credit Institutions Law in the final reading. 56 Saeima members voted for the amendments - members of the Union of Greens and Farmers, National Alliance, Harmony, and For Latvia from the Heart. Twenty MPs were against the amendments - Unity members and Artuss Kaimins (KPV LV), while Edvards Smiltens (Unity) abstained. Another seventeen Saeima members, representing the Greens/Farmers, Unity, Latvian Alliance of Regions and Harmony, did not vote.

    Vejonis returned the controversial amendments to the CreditInstitutions Law back to the parliament for revision, pointing at concerns about the true goal of the amendments.

    The amendments stipulate that persons who, for the preceding two years, were authorized by a creditor to represent him or her in relations with a credit institution, may not be appointed the given credit institution's liquidator. A similar restriction will apply to credit institutions' insolvency administrators.

    Vejonis said that the amendments considerably narrow the range of possible candidates for the liquidators and insolvency administrators for credit institutions, and restricts the opportunity to find the best candidate for the liquidation or insolvency process. The reasons for such amendments remain unclear.

    Vejonis in a letter to Saeima speaker Inara Murniece underscored that insufficient supervision and control of insolvency processes and possibilities to use insolvency processes for malicious reasons cause considerable losses to individuals and the state. It further increases distrust in business environment and threatens attraction of investments to the national economy, the president said.

    • Published: 13.07.2017 12:37
    • LETA
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