Business
The infamously notorious “Siltumserviss Rīga” operators are also involved in the engineering communications builders’ cartel
In the engineering communications companies’ cartel, two groups of companies can be distinguished – those based in Riga and those based in Rēzekne – which mutually coordinated their activities in 33 procurement procedures, most of which were procurement tenders by various municipal property management authorities. In Riga, these companies are SIA Adapteris, SIA Alpex and SIA Infrakom, while in Rēzekne – SIA Siltumtehserviss and SIA Apkure IM, said the acting chair of the Competition Council at a press conference […]
New construction cartel uncovered: Illegal agreement links five companies
The Competition Council has adopted a decision establishing a cartel among five construction companies. In fines, the companies together will have to pay more than half a million euros. The Competition Council promises to reveal the names of the companies tomorrow – on 11 September – but for now it discloses that the illegal agreement has affected more than 30 procurements throughout the territory of Latvia. The Competition Council identified the first construction cartel in 2021. At that time […]
5.4 million euros will be invested in expanding the Spilva production plant
The food production company Orkla Latvia will invest 5.4 million euros in the sauces and ready-made meals brand Spilva production plant in Spilve, Babīte. The extensive investment plan envisages expanding the production building and modernizing the main production lines in order to ensure a rational production flow and automation possibilities, as well as to increase production speed and reduce staff workload. “Spilva’s most popular product types – mayonnaises and sauces […]
On the issue of gender balance, entrepreneurs can breathe a sigh of relief: It could cost the state hundreds of thousands
Ensuring gender equality in the management of two Latvian companies will still not become a mandatory requirement. A majority in the Saeima has, for the second time, rejected the draft law prepared by the Ministry of Welfare on ensuring gender balance in the management bodies of capital companies. For the companies, this of course allows them to breathe a sigh of relief, but for Latvia it may cost a few hundred thousand euros. According to the criteria included in the draft law, at present it would apply only to two […]
Valmiermuiža beer gives in: will be sold to Cēsu alus
At the end of August, the owner of Valmiermuiža Beer, Aigars Ruņģis, issued a statement in which, complaining about unfavorable conditions for the small brewery business, he questioned the usefulness of investing in development. Now the owner announces that he is ready to join Cēsu alus, which belongs to Finns. At the end of August, the owner of Valmiermuiža Beer, Aigars Ruņģis, issued a statement in which, complaining about unfavorable conditions for the small brewery business, he questioned the usefulness of investing in development. Now the owner […]
Riga City Council is delaying the delivery of the harvest to the port: Officials are not heeding even the call of the President of the State
Despite the fact that the Cabinet of Ministers has declared a state of emergency in agriculture, the Riga City Council, contrary to the usual procedure so far, has rejected the request of the Farmers’ Saeima to allow heavy vehicles carrying grain and rapeseed to the Port of Riga to move along designated routes around the clock. Officials performing various control functions have also not heeded the President’s call not to disturb farmers with their presence at this time. The Farmers’ Saeima […]
LINEN receives a MIGA political and financial risk insurance guarantee for work in Kenya: it ensures investment security
The Latvian company LINEN has become the first Latvian company to be granted a political and financial risk insurance guarantee by a World Bank entity – the Multilateral Investment Guarantee Agency (MIGA) – for an international investment project in Kenya. MIGA’s support will be used to implement a 9 million US dollar investment project in Kenya, expanding the company’s operations in the logistics of animal feed raw materials and […]
Indexo and DelfinGroup are allowed to merge: Both will benefit
The Competition Council has adopted a decision to allow the merger, with IPAS Indexo acquiring decisive influence over AS DelfinGroup. IPAS Indexo, which is the parent company of the Indexo financial services group, is currently preparing to make a voluntary share buyback offer to the shareholders of AS DelfinGroup with the aim of obtaining a majority in the company’s capital. In addition to the approval of the Competition Council, the making of the offer still requires the consent of Indexo’s shareholders and […]
Bank Citadele issues a loan worth almost 4 million for the purchase of an office building: The new owner will not evict the tenants
The archive services company SIA Unistock has received a 3.9 million euro loan from Citadele Bank for the purchase of the historic, office-adapted building at 11 Raiņa Boulevard in Riga. The new owner – Australian citizen Pavel Kurilov – has no intention of changing the use of the building. The building will retain its current function – it will continue to be a rental property for various offices and services. At present it […]
Latvian Codex takes over Norwegian Visma Consulting: More employees will be needed
Latvian information technology systems programming company Codex Ltd. has completed a merger with Visma Consulting Ltd., a Visma Group company previously owned by a Norwegian firm. After the merger, Codex has obtained sole decisive control over Visma Consulting and has established a new subsidiary, Digitex Ltd., with a new management board and registered office. As a result, the client base has expanded and the company’s market share has increased […]