WALLESS successfully secured the release of 4,000,000 EUR from arrest

WALLESS successfully secured the release of 4,000,000 EUR from arrest.

WALLESS advised a foreign company (creditor of ABLV Bank AS) in the process of recovering funds from the bank in liquidation. During the investigation, the Corruption Prevention and Combating Bureau (KNAB) had seized the creditor’s claim against the bank, amounting to 4.1 million euros, due to a criminal process examining potential offenses related to corruption and the laundering of criminally obtained funds. This investigation lasted nearly two years, during which time the client’s funds remained seized.

In criminal proceedings involving the potential laundering of criminally obtained funds, it is vital to establish the genuine economic activity of the owner and the legitimate origin of the seized funds,” stated WALLESS Associate Partner Konstantins Teļakovs. The WALLESS team meticulously gathered information from transactions dating back almost a decade, ultimately demonstrating to KNAB the legality of the seized funds. As a result, the criminal proceedings were terminated, and the funds were released.

The client received assistance from the WALLESS team – Associate Partner and Attorney-at-Law Konstantīns Teļakovs and Senior Associate and Attorney-at-Law Igors Dambrāns.

In recent years, the WALLESS team has successfully secured bailouts totaling more than EUR 50 million.