ECB Governor Detained in Corruption Probe

Bloomberg: ECB's Rimsevics Detained by Latvian Anti-Graft Bureau
Latvian central bank Governor Ilmars Rimsevics, a member of the European Central Bank’s governing council, was detained by the country’s anti-graft bureau, prompting calls for him to step aside to prevent harming the country’s financial sector.

The detention followed a search by authorities of the governor’s office and private property, state-owned LTV reported, without saying how it got the information. Rimsevics’s lawyer, Saulvedis Varpins, said Latvia’s top monetary official considered his detention "clearly illegal," according to the Leta news service. Finance Minister Dana Reizniece-Ozola said Rimsevics’s detention would be explained on Monday and that the situation may hurt Latvia’s credit position.

"Each day that Mr. Rimsevics remains in the central bank’s leadership significantly worsens" the situation, Reizniece-Ozola said at a news conference in Riga on Sunday. "I think that at this moment, it would be wise if Mr. Rimsevics would at least during the course of the investigation step down."

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