The Latvian parliament has approved the appointment of Kristaps Zakulis as chairman of the Financial and Capital Market Commission (FKTK). He replaces Irena Krumane, who resigned in December.
Zakulis told the Baltic News Service that one of his first tasks would be studying the case of the Latvian Savings Bank, which recently collapsed after allegations of embezzlement against former shareholders of Bankas Snoras.
Bankas Snora owns Latvian Savings Bank, which had its operations suspended in November when the financial regulator said some $190.7 million was missing from the country's sixth-biggest deposit bank, reports Business Week.
In February, FKTK will have to look for a new council member to replace Janis Placis, who tendered his resignation in late November last year, Zakulis said, adding that at first the watchdog will look for suitable candidates to the post among its
finance minister Andris Vilks and Bank of Latvia governor Ilmars Rimsevics.
Zakulis currently heads the Security Department at the Latvian electronic services provider Lattelecom.
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