At last… SEB's managers are the ones looking like fools!
Bailiff Kaire Põlts seized the account of SEB Bank on 21 July. It was an attempt to collect the money the bank owed Grove Invest in legal costs.
Grove Invest has sued SEB for 1.5 billion kroons. The company is accusing the bank of ruining it.
Grove Invest announced that the claim for damages was filed for causing the economic difficulties, liquidity problems and bankruptcy of Baltic Panel Group OÜ, a company with 150 employees founded by Grove Invest, in 2007 and 2008.
In his comments to Äripäev in February this year, board member of Grove Invest OÜ Jüri Triletski said that the bank is guilty of selecting the wrong legal remedies regarding the supplier of the factory's equipment.
Attorney-at-law Erki Kergandberg who represents Grove Invest said at the time that launching the plywood factory failed, because suppliers of the production equipment were unable to make the equipment work, and SEB Bank and Leasing did not agree with the possible solutions offered by Grove Invest and Baltic Panel Group to the problems. This resulted in liquidity problems for Baltic Panel Group and the company was declared bankrupt in May 2008.
Kaisa Tahlfeld, Äripäev 23.07.2010
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