On June 12, 2018, the Financial and Capital Market Commission gave consent to ABLV Bank to conduct a controlled self-liquidation process.
From June 18, the creditors of ABLV Bank may submit their claims. Claims of creditors and other persons and any other claims can be submitted to the liquidators of ABLV Bank within three months.
After receiving all creditors’applications, there will be created a list of creditors. All applications will be reviewed within 3 months.
As such, depositors of ABLV Bank having deposit balances more than EUR 100 000 can start receiving back their money in December 2018. Since the Bank does not have a liquidity problem all obligations are planned to be fulfilled.
The process of the Bank’s liquidation is expected to last about five years. With the start of self-liquidation, the board of directors and the management board of the Bank lose their powers, and the liquidation committee of four liquidators becomes a decision-making body.
Mauritius of just 1.2 m people, is increasingly recognized as one of the leading African markets for foreign investors.
Recently there is a huge increase in the number of foreigners investing in the Indian Ocean island. The sudden rise in interest from expatriates is largely attributed to a relaxing of the laws relating to buying property on the island, which set a lower threshold of $500,000 for obtaining residency on the island.
By several measures Mauritius is already the leading African economy, with the highest GDP per capital of $25,700, according to New World Wealth report. The World Economic Forum also ranks Mauritius as the most competitive market in Africa and the country ranks 25th internationally in the World Bank’s table for the ease of doing business.
Mauritius has no Capital Gains Tax, dividends or inheritance tax and a universal tax rate of 15%.
On May 9 in Latvia became in force amendments to the Law on Prevention of Money Laundering and Terrorist Financing.
The law requires credit and payment institutions to stop cooperation with the following shell companies:
1) which do not conduct real economic activity (or there is no economic value of the activity) and, in the same time
2) are not required to submit financial statements.
Credit and payment institutions within 14 days from the day the law comes into force must notify the shell companies that correspond to the mentioned criteria about the termination of business relations and within 60 days to terminate business relations and conduction of the one-off transactions.
HSBC announced today its plans to setup a single regional structure for its private banking operations in Europe which includes its private banking business in the UK, Channel Islands, France, Germany, Switzerland and Luxembourg.
The new structure will be called HSBC Global Private Banking, EMEA, “This will create a regional private banking business that is more integrated, strategically aligned and well positioned to deliver continued growth for HSBC Private Banking,” HSBC said in a statement.
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