As a result of LHV and United States Securities Exchange Commission (“SEC”) ongoing cooperation the SEC and LHV have agreed to enter into a joint request to the Court to set up a process for removing the freeze from the first 86 LHV Trader accounts. The SEC has reviewed the information presented by LHV on the transactions carried out on these 86 accounts and found that these accounts have not been related to the alleged illegal activities and belong to the clients of LHV.

After the court has approved the request, it is required for the release of accounts that the SEC would send a letter to a financial institution holding frozen accounts, therefore the final release of first 86 accounts may take a few days.

According to the recent information, there are approximately 180 frozen LHV Trader accounts which contain assets, altogether at the brokering company Interactive Brokers. LHV is continuing to provide the SEC with information and cooperating with the investigation in order do unfreeze the remaining approximately 95 accounts provided that these are not connected to illegal activities.

According to Rain Tamm, the CEO of LHV Group, LHV has presented SEC with evidence that has allowed the SEC to understand the nature of the first 86 LHV accounts and that these belong to real people who have not been involved in suspicious trading activities. The cooperation with the SEC and the analysis of the remaining accounts is continuing on the step by step basis. In the case of several accounts the SEC requires additional information, said Tamm.

Tamm did not want to estimate when the remaining accounts would be unfrozen but he added that LHV would do everything in its power to make the process as fast as possible.