Transparency International’s Latvian affiliate Delna announced the 2011 Corruption Perceptions Index at the former office of Parex Bank. Here is a comment from Delna Director Kristaps Petermanis:
On a more jolly note, we announced the 2011 CPI in the former Parex premises on Valdemara Street 8 http://twitpic.com/7mh7tb, because Parex to a great extent symbolizes the corruption related ills we have in Latvia. We made the 2010 CPI announcement at the Southern Bridge that was that year’s corruption symbol.
Isn’t it interesting that Transparency International believes that Parex “symbolizes the corruption” in Latvia and yet Parex is funded directly by the EBRD and Latvian government and indirectly by the European Union, World Bank, and IMF?
Here is a photo of the event:
Transparency International at Parex Bank
Inguna Sudraba was a member of the Parex Bank Credit Committee from 2003 to 2004 and therefore was responsible for (1) making undisclosed-related-party loans, (2) making loans that exceeded the bank’s lending limit, and (3) acting as credit committee for secret subsidiary Extro Bank of Russia.
In 2008 and 2009, the Latvian people learned that half of the loan portfolio of Parex was bad, thus indicating severe problems with the Parex Credit Committee.
Was this the end of Sudraba’s career? No! Now in 2012, she is the Latvian State Controller (Auditor)!
Sudraba, working as State Controller, cannot find any corruption in Latvia. For example, Parex arranged financing for the “Southern Bridge” in Latvia. Latvian taxpayers will pay 1,000 million euros for a bridge that is worth 300 million euros. Sudraba cannot figure out where the other 700 million euros went.
Latvian newspapers keep naming Sudraba as a wonderful person who should be President or Prime Minister in the future. The articles never mention that she was on the Parex Credit Committee.