The Court of Appeal in France has announced a ruling on Rietumu Bank’s appeal in the frame of legal proceedings started several years ago regarding France Offshore enterprise for tax violations
As we had noted repeatedly, the bank is convinced of its innocence. This position has been presented in the appeal and at the hearings we have provided solid arguments confirming it to the court. This time the court has taken our arguments into consideration and substantially reconsidered the decision of the first instance court, in favour of the bank.
However, we stand poised to continue defending our position within the legal avenues provided by European Union justice system. A decision on this matter will be made by the bank after reviewing the ruling of the Court of Appeal in detail.
In accordance with common practice, the bank has preliminary made provisions for a case of potential fine imposing. Thus, any outcome of the lawsuit will not affect the future activities nor the stability of Rietumu