Court begins hearing case over more than €20 million money laundering at former Baltic International Bank
The Economic Affairs Court has begun substantive hearings in a criminal case against several officials of the now-insolvent Baltic International Bank, including its largest shareholder Valērijs Belokoņs, who face charges of laundering criminally obtained funds as part of an organized group. The amount involved exceeds €20 million.
Latvia's Economic Affairs Court has started hearing the merits of a large-scale criminal case against several former officials of Baltic International Bank, which is now in insolvency proceedings. The proceedings were reported by LTV Ziņas.
Among the defendants is Valērijs Belokoņs, who was the bank's largest shareholder. He and the other accused officials face charges of laundering criminally obtained financial resources while acting as part of an organized group.
What the case concerns
According to available information, the charges relate to a sum exceeding €20 million. Baltic International Bank is currently undergoing insolvency proceedings.
The court proceedings have only just begun, and given the scale of the case, the process is expected to take considerable time. Further details about the course of the hearings and the defendants' arguments have not yet been made public.
