The Supreme Court of Latvia found Banka Baltija insolvent
Banka Baltija was a bank in Latvia. In the early 1990s, Banka Baltija was a leader in Latvian banking system. Banka Baltija was founded in 1993, and had a very fast development. Its assets rose from 25 million USD from 1993, to 242 million dollars in 1994, reaching 500 million in 1995. The bank's capital rose from 1 million in 1993, 20 million in 1994 to 44 million in 1995. Banka Baltija had 37 branches and 49 settlement groups all over Latvia employing 1300 people. In April 1995, when a financial crisis started, Banka Baltija had 283 million dollars in deposits and had given credits of 283 dollars.
In June 27, 1995, following the bank crisis, The Supreme Court of Latvia found Banka Baltija insolvent. In 2007 bank's chairman Aleksandrs Lavents and president Tālis Freimanis were sentenced for imprisonment.
Sources: wikipedia.org, lursoft.lv
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