Bank

The Commercial Court ruled that the defendant former majority beneficial owner of the claimant Latvian bank (the bank), in causing the bank to advance, to a borrower closely connected to himself, money which had not been repaid or recovered, had acted dishonestly and in breach of duties owed to the bank in respect of eight transactions. Accordingly, the defendant was held liable for the bank’s losses, under Latvian law, which amounted, in total, to €60,499,567 and US$30,762,458.