EWUB Press release 06 March 2019
It is with astonishment that East-West United Bank read in the Luxemburger Wort of March 4, 2019 under the heading "opinions of companies" an advertisement paid for by Loyal Capital Group stating an alleged criminal investigation against the bank and several of its managers.
This was nothing more than paid advertising, inserted and paid for by Loyal Capital Group, and not to be taken for a real news article written by a journalist and supported by factual research.
In reality, the bank had initiated proceedings in a commercial court which ended in a judgment of July 12, 2017 which states: "Order the public limited company Loyal Capital Group SA to pay to the public limited company East-West United Bank SA ... the sum of 93 572 064,79 USD ..." Convinced of the solidity of the argument and the request of the bank, the court ordered the provisional execution of this decision and rejected all counterclaims of Loyal Capital Group SA .
Since then, Loyal Capital Group has been trying to evade the execution of the court judgment. The appeal proceedings, that stand no chance to be successful for Loyal Capital Group SA, have not yet been completed.
The bank assumes that this false publication implies that a criminal complaint may have been submitted to the justice system. However, we strongly believe that any such complaint only aims at frustrating legal proceedings against Loyal Capital Group SA as well as defaming the bank and will have no bearing whatsoever while the judgement issued in favor of the bank on July 12, 2017 will stand firm.
The bank is in the process of preparing an official complaint and taking legal action against this malicious attempt to discredit the bank.
It is needless to say that management of the bank strongly reject alleged unlawful, set aside criminal, behavior, and can already refer to a judgment of the commercial court having supported EWUB’s position against Loyal Capital Group.