( Editorial: --> 2764 )
ZAGREB, Sept 24 (Hina) - If serious investors, who could cover the
losses of Glumina Banka, are not found within a relatively short
time, the bank could be forced into bankruptcy, Croatian National
Bank (HNB) Governor Marko Skreb said on Thursday.
The bank could be financially reorganised if the potential investor
would cover its losses amounting to more than US$108 million and
invest at least another US$164 million, Skreb told reporters in
Zagreb.
Grandinvest Corporation, which has applied as a potential
investor, should submit all the necessary documentation on its
operations and investments in Glumina bank, otherwise the HNB
"would not shun" initiating bankruptcy proceedings against Glumina
Banka, he added.
The Croatian central bank has very little, almost no data on
Grandinvest Corporation. The HNB has conducted an investigation
which showed that Grandinvest Corporation is based in Belize and is
registered as an off-shore company, which means that it is under no
obligation to submit the required data.
However, the HNB recently received a letter from the company, with
an Los Angeles address, which makes the company's reliability
questionable.
Since the HNB had no information on the company, it released no
statement on the letter.
The required data did not arrive by September 22 and the HNB sent a
rush note.
"If the necessary documents arrive, we will assess whether this is
an investor who could invest into Glumina bank," Skreb said.
On September 18, the HNB advisory board decided that there was no
economic reason why the Government should propose for Glumina bank
to be reorganised with money from the state budget.
A detailed analysis of the recoverable activities of the bank,
which was conducted by employees of the HNB's bank supervision
department, showed that the problems faced by Glumina bank were not
only in the field of liquidity, but that the bank was deeply
insolvent as well.
It was also found that there were cases of additional
capitalisation of the bank via loans for the purchase of its own
shares, as well as bad management and irregular procedures.
Asked about the difference between Glumina bank and Dubrovacka
Banka, whose reorganisation with money from the state budget has
been approved by the Government, following an HNB proposal, Skreb
said it had been taken into account that the whole economy of the
Dubrovnik region "lay" in Dubrovacka bank, while no such reasons
were found in the Glumina bank case.
(hina) jn rml /mbr
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