23.07.2010 Äripäev: SEB: The court judgement was executed by settlement of accounts

To be honest, it's disgusting how banks, who should be trusted by the public, argue over every last penny that doesn't belong to them simply because they MUST NOT LOSE THEIR POSITION!! All they do is lie, lie, lie… please, don't keep your money in SEB Bank!!

The legal costs were set off with the obligation of Grove Invest to SEB, were the comments of the bank's representative on the seizure of the bank's account.

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.

When commenting on the seizure of the bank's account, the press officer of SEB Bank Piret Seeman said that they filed an action with the court, which disputes the enforcement procedure initiated by Grove Investment for collection of legal costs, because these costs were set off with the obligation of Grove Invest to SEB. ‘The court satisfied the action and stopped the enforcement procedure.’

‘Even though the amount of legal costs is reserved on SEB's accounts, it is not subject to be paid out, as the execution procedure was suspended,’ added Seeman. ‘As far as SEB is concerned, the court ruling was executed by settlement of accounts.

SEB disagrees with the claims made by Grove Invest to the media that the bank has failed to pay legal costs in the amount of 64,900 kroons. SEB has done what the court ordered and Grove Invest wants us to pay the same amount twice by involving a bailiff,’ she noted.

Although 64,900 kroons plus the bailiff's fees are reserved on the bank's account, the money is currently not subject to be paid out.

‘We would also like to point out that said amount concerns the judgement made by the circuit court, which orders payment of legal costs in the amount of 64,000 kroons in favour of Grove Invest. There is no way this can be connected to any ongoing litigation,’ said the press officer.

‘The final decision in the resolution of disagreements in a state based on the rule of law is made by the court and SEB does not believe that discussing litigation in media is the right thing to do,’ said Seeman about the bank's standpoint in the matter.

The saga of legal costs:
14 April 2010 – Tallinn Circuit Court orders SEB Bank to pay legal costs in the amount of 64,900 kroons in favour of Grove Invest.

22 June 2010 – SEB Bank set off the amount it was ordered to pay by the court against the debt of OÜ Grove Invest to the bank.
30 June 2010 – Grove Invest requests a bailiff to initiate enforcement procedure.
21 July 2010 – SEB Bank filed an action with the court requesting disallowance of compulsory execution and suspension of the enforcement procedure.

22 July 2010 – the court suspends the enforcement procedure.

Grove Invest has sued SEB for 1.5 billion kroons. The company is accusing the bank of ruining it.

Katre Pilvinski, Äripäev 23.07.2010