Following a bitter struggle, the para-bank Amber Gold is going bankrupt. The company announced yesterday that it would be closing all of its branches across Poland and that liquidation proceedings had been started. Amber Gold claims that all of its assets will be liquidated and that “all customers shall be reimbursed for the full amount plus interest.” Market watchers, however, find this unlikely.
Amber Gold’s sudden collapse came after low-cost airlines OLT Express filed for bankruptcy last week, as it was the company’s main shareholder. Amber Gold’s bank accounts were blocked after the financial authorities warned it and other similar companies of performing banking services without a license to do so. With no money from its main backer, the airline folded, which contributed to what eventually amounted to a run on Amber Gold.
