27.10.2010. SEB increases its assets on account of the homeless!

Estectus, which deals with the problem property of SEB Bank, has increased the amount of its assets by 94 million kroons in nine months.

Estectus had purchased property for a total of 32.3 million kroons in the end of last year, but in the meantime it has increased the value of its portfolio almost four times to 126.4 million kroons.

Similarly to Ektornet, which is the company that buys up problem properties from Swedbank, Estectus also purchases developments of properties that the bank's debtors have been unable to complete. At the same time, the portfolio of Estectus is almost five times smaller than Ektornet's.

The company's director Hannes Kuhlbach admitted, however, that they intend to increase their portfolio in the future just like the other big Swedish bank.

The company has already collected a lot of property in Tartu, Pärnu, Tallinn and elsewhere.

At the start of the year, it acquired possession of three large plots of land in Rapla County that belonged to Grove Invest. The sites offered by Grove as collateral were taken in the easiest way possible – through a bailiff.

In addition to this, the company took over a massive project in Tartu, which contained 14 registered immovables. In Paikuse Rural Municipality, Pärnu County, the company took as many as 47 immovables from a developer that recently went bankrupt.

What do you say? SEB Bank is having some unbelievable luck, because now they have property and debtors, and they have also got most of the loans back!! On with the next round!

Link to the article

04.06.2010. Äripäev. ‘IMF: Swedish banks ruined Baltic people’

They do see the truth somewhere…

IMF experts believe that the expansion of western banks to Eastern Europe led to an even greater imbalance than the one before the Asian crisis in 1997, says news agency LETA in the news published by Latvian Delfi. Experts of the International Monetary Fund (IMF) find that Swedish banks that provoked a loan boom in the Baltic States ruined local people and pushed them into poverty.

More about the same subject:

http://www.raamatupidaja.ee/?PublicationId=23c17391-cf6e-4615-97e3-5daff834ea0c

05.02.2010. E24. ‘Levada sought rehabilitation to protect himself from SEB’

Attention! The case of Viktor Levada, which he won't discuss because of his fear of the banks, is similar to the story of many successful Estonian companies who grew on bank loans: one of the guy's businesses is starting to go down the drains during recession... he worries about repaying his bank loans... the bank first asks for a personal surety... then asks him to bring all his businesses into the same so-called group account, all for the sake of good cooperation… then the bank seizes all businesses including the successful ones and tries to recover money for the struggling company from other companies… by selling them if necessary… and if that doesn't work, it goes after the guy's home, cars…

Harju County Court initiated the rehabilitation procedure of metal processing company OÜ Levadia Metall on 2 February. The company's owner Viktor Levada says that his company was forced to apply for rehabilitation to find protection from the short-sighted and uncompromising conduct of SEB Bank.

More about the same subject:

http://www.e24.ee/?id=221158

21.01.2010. Eesti Ekspress. ‘Woman (Rita Tali) continues her fight against formidable bank’

This is an interesting dispute where the bank demonstrates its complete disregard of people and gives an unfortunate woman the run-around… the main thing is getting its money back!!

Follow-up to the article published a year ago ‘Woman in despair speaks of her life as victim of a bank’, where freelance translator Rita Valdna (now Tali) accused Swedbank of cruel business practises. The bank lent a million kroons to her ex-husband's company, but demanded it back from Valdna, who had pledged her home as collateral during her marriage. Although Valdna asked the bank to register the claim in her name so she could immediately start paying it back, the bank refused and gave her the run-around for years. The bank had the woman's farm seized and put it up for sale. Both the county court and the circuit court ruled in favour of the bank and the Supreme Court refused to hear the case. The case has now been referred to the European Court of Human Rights.

More about the same subject:

http://paber.ekspress.ee/viewdoc/C2414CD5D0949FCBC2257693004EDDA2

http://hot.ee/rootsipank/

18.01.2010. Pärnu Postimees. ‘Court declares Elmar Lepp bankrupt’

Pärnu County Court declared the bankruptcy of one of the first private entrepreneurs in Estonia Elmar Lepp and appointed Peeter Allikvere the trustee in bankruptcy. Swedbank sought a bankruptcy declaration against Lepp, as he had personally guaranteed two million kroons worth of loans taken by OÜ Lepa Kaubanduskeskus, which belongs to Lepp, his wife Virve Lepp and son Tanel Lepp. Lepa Kaubanduskeskus is now bankrupt and sold to Lepa Keskus OÜ, a joint venture of EfTEN Property Fund and a subsidiary of Silikaat Group, for 25.7 million kroons. Elmar Lepp has repeatedly told the press that the explanations given by the bank when it initiated the bankruptcy procedure were unclear.

27 April 2009. Delfi. ‘Rüütmann: SEB must take responsibility for mistakes in issue’

Rüütman may be a businessman and one who doesn't always toe the line… but the conduct of SEB and its dumb managers is a hundred times worse!

Private person's bankruptcy procedure was initiated against Toomas Rüütman at the initiative of SEB Bank and actual declaration of bankruptcy could only be suspended in the circuit court. Says Rüütman: ‘The judgement made today proves that SEB was prepared to do whatever it takes to hide its own mistakes and shun responsibility for organising the issue. The bank tried to set me up as the scapegoat and its desire to have me declared bankrupt had the malevolent purpose of intimidating me and causing even more problems.’

In light of this court judgement, SEB decided to compensate clients for the bonds of Rüütman's company TR Majad in the amount of 177 million kroons.