Latviski English По-русски
Wednesday 21.03.2018 | Name days: Una, Unigunde, Dzelme, Benedikts

ABLV Bank owners overthrown from Latvia’s largest earners throne

(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULast year Marcis Martinsons was on the 1st place on the list of Latvia’s Top 100 earners, leaving behind the largest earners of previous years: ABLV Bank owners Oleg Fil and Ernests Bernis, according to a study by journalist Lato Lapsa, Lursoft and Kapitals magazine.

Lursfoft IT board member Daiga Kiopa informs that the 22-year-old Martinsons has managed to take the lead from the largest earners of previous years.

«In the entire history of this list, we have never seen a precedent in which such a young businessman took the first place. It should be added, however, that this accomplishment was only possible because the young businessman’s wealthy father, Maris Martinsons, and the young businessman’s direct revenue from previous financial results of BE projekts, MM investments, Profs Real Estate may be minimal. Nevertheless, conclusions based on publicly believable data and documents reflect the following – the total revenue volume from Martinsons’ owned companies exceeded EUR 30 million in 2014,» – admits Kiopa.

The 1993-born Marcis Martinsons holds 100% of stocks in MM investments, which holds stocks in 16 companies – Moduls-Rīga, GRIF 23, MMA Invest, Palladium Rīga, Extron Investments, BE Projekts,, Agelluss rosae, Dzintara rezidence, Priežceļi, LENVEST, MM investīciju risinājumi, Moduls Interjers, MN Invest, AN Projekts and GRIF 29, according to information from

The previous owner of MM investments was Marcis’ father – Maris Martinsons.

Since September 2014, Marcis Martinsons is the owner of 70% of shares in Profs Real Estate. In addition, he owns 50% of shares in BE Projekts.

In September 2014, accused of financial crimes, Maris Martinsons left the post of Chairman of the board of Moduls-Rīga. Due to the investigation launched in regard to defrauding of VAT, Maris Martinsons also left his post as deputy Chairman in Moduls Rīga in July 2015.

He explained that his decision to resign is related to the ongoing investigation processes he is involved in.

The name ‘Moduls Rīga’ was mentioned in summer 2014 in relation to Finance Police’s launched case against companies that possibly use fictive firms in order to defraud VAT from the state. The criminal group remained active for two years. The total estimated damage to the state budget is more then EUR 11 million.

The police hold Jelgava Court Chairperson Iveta Salaka’s husband Juris Salaka and civil wife of KNAB operative Janis Mikelsons, Anta Disereite, suspect of organizing the criminal group. Disereite’s role in the criminal group was to sort out accounting. Finance Police requested to have her put under arrest, but the court released her in exchange for bail of EUR 50,000.

In 2013, police launched an investigation of Maris Martinsons’ owned company Evopipes for a possible attempt to defraud money from European funds. Evopipes had signed a contract with Latvian Agency for Investments and Development in 2009. The total value of the contract was EUR 5 million. Evopipes stated the requested equipment will be supplied by German and Polish companies. However, the agency noticed that the Polish company offered equipment for prices significantly above market prices. Once employees of the agency found out the Polish company has not been carrying out any economic activities for a long period of time, Latvian Agency for Investments and Development refused to provide co-financing to Martinsons’ company. Evopipes called off the request for money, but police had already launched an investigation by then.

Creators of the list of earners say this year’s list did not bring too many surprises. The 2nd place is held by ABLV Bank owner Oleg Fil with EUR 27,434,000. The 3rd place is held by ABLV Bank co-owner Ernets Berins with EUR 26,859,000.

Similar to previous years, the list mainly consists of men, which is backed by statistics – only 18% of the biggest earners are women. It is worth mentioning that only 12% of the largest earners in last year’s list were women. The average age of top earners is 51 among men and 46 among women.

The latest list of TOP 100 earners in Latvia was compiled based on information from Lursoft and Enterprises Register. As for banks – information about their financial developments was taken from their annual accounts.


Leave a reply

Finance sector’s development council supports prohibition of shell companies

On Wednesday, 21 March, Latvian Prime Minister Māris Kučinskis’ managed Finance Sector’s Development Council supported initiative on prohibiting shell companies, as confirmed by the prime minister.

Level of producer prices in Latvia’s industry is up 3.4%

Compared to January, level of producer prices in the Latvian industry rose by 0.5 % in February 2018. Prices of products sold on the domestic market grew by 0.7 %, but prices of exported products went up by 0.3 %.

Minister: Latvia is far behind its neighbours in terms of digitization and e-skills

In terms of digitization and e-skills, Latvia is far behind its neighbouring countries and the rest of Europe, said Latvian Economy Minister Arvils Ašeradens in an interview to Latvijas Radio.

OECD: Latvian employees work longest hours in Baltics

In a comparison of Baltic countries per average annual hours worked, the Organisation for Economic Cooperation and Development has found earlier this year that the average Latvian worker spends 1,910 hours at work, followed by the Lithuanian employee with 1,885 hours and the average Estonian worker with 1,855 hours.

12th Saeima failed to complete half of its pre-election promises in field of justice

In 2014, Delna – society for openness and Providus think tank received support from all parties represented in the 12th Saeima in regards to an action plan to help strengthen the rule of law in the country.

Russia carries out military drills in Gulf of Finland

Russian Defence Ministry has stated that in the Baltic Sea Gulf of Finland, which has Finland, Russia and Estonia in its coastline, the Russian military has performed drills for its tactical special operations units.

Prime minister doubts Anti-Money Laundering Service head’s competence

«The work performed by the service requires drastic changes. Whether or not it can be done by its current head [Viesturs Burkāns], I am not sure,» said Latvian Prime Minister Māris Kučinskis in an interview to LNT, commenting on the work performed by Latvian Anti-Money Laundering Service.

Vilnius chosen for office of game developer Lockwood Publishing from UK

UK's mobile game developer Lockwood Publishing has unveiled plans to open its first overseas office in Vilnius, pointing to the industry's talent in Lithuania and the wider region.

Association: municipalities should organize their work on their own

On 6 March, Latvian Association of Local and Regional Governments reviewed the letter sent to Riga City Council by Environment Protection and Regional Development Ministry, in which the institution ordered the municipality to review their internal order and lift restrictions on the length of debates and the number of questions deputies are allowed to ask.

Canada moves to increase gun control

Canada's federal federal government has proposed new gun control measures, but they could reduce support to the ruling Liberal Party in rural areas, where guns are widely owned and used.

Minister: EU should work on rules to make sure social networks cannot be manipulated

«European Union needs to react to the Facebook data scandal and develop strict regulations to make sure social networks cannot be used to manipulate people. Appropriate regulations are needed in the matter regarding political campaigns performed on social networks, which is gradually becoming a common occurrence nowadays,» says Latvian Foreign Affairs Minister Edgars Rinkēvičs.

Profits of Latvian State Roads increased by 8.6% last year

Turnover of Latvian State Roads reached EUR 14.529 million last year, which is 10.3% more when compared to 2016. The company’s profits increased by 8.6% - to EUR 59,485, according to the published interim financial report.

Slovak President casts doubt over impartiality of proposed government

In a continuation of the political crisis in Slovakia, Slovak President Andrej Kiska has not accepted a the newly proposed government deeming it possibly unable to supervise an impartial investigation of the two murders that have shaken the Eastern European nation.

France's ex-leader Sarkozy in custody over links with Libya

French ex-President Nicolas Sarkozy has been taken in custody on March 20 and was held in custody on Tuesday and interrogated amid an investigation into whether late Libyan leader Muammar Gaddafi added funds to his 2007 election campaign.

KVV Liepājas metalurgs’ steelworks bought out by Austrian Smart Stahl

The auction for the sale of the insolvent KVV Liepājas metalurgs rolling mill equipment concluded with the victory of Austrian Smart Stahl GmbH, as confirmed by insolvency administrator Guntars Koris.

Entomologist: at least 5% of ticks in Latvia are infected with encephalitis

There have been cases of tick activity during the winter period in Latvia this year. As air temperature increases, ticks become active and start popping up. This means residents should seriously consider vaccination to avoid getting encephalitis from tick bites, entomologists say.

Rail Baltica station’s construction at Riga airport will cost EUR 4.5 million

Creation of a separate railway station and related infrastructure at Riga International Airport as part of Rail Baltica project will cost EUR 4.5 million, says the project’s manager in Latvia and board member of European Railway Lines company Andris Linužs.

Norwegian minister steps down to keep minority government in power

In a move to avoid the collapse of the Norwegian minority government, its Justice Minister Sylvi Listhaug resigned amid a political storm she had caused by blaming an opposition party of not being harsh enough toward terrorism suspects.

Political party calls for immediate action to resolve «over-salted Riga» problem

Member of For Latvia’s Development political party’s Riga City Council faction Ansis Ansbergs urges the administration to find a quick solution to the excessive use of salt during the winter season because it has a negative impact on both human and animal health, as well as the state of buildings, cars and plant life in the capital.

MEP: fair competition should be secured for all European farmers

Sixteen members of the European Parliament from Latvia, Lithuania, Estonia and Poland submitted a joint proposal on Monday, 19 March, for a resolution regarding the future of the Common Agricultural Policy with a request to equalize the level of direct payments across all of Europe starting from 2021.

Estonia prison sentence upheld to Syrian man for causing burns to wife

In the Estonian criminal case, where a Syrian man has been convicted to 10 years in prison over causing corporal damage to his wife by setting her on fire, Estonian Supreme Court has rejected his appeal.

Olainfarm’s sales volume increased by 16% over the course of the year

Provisional consolidated data from Olainfarm for February 2018 shows that product sales volumes have reached EUR 10.69 million, which is 33% more when compared with the same period of 2017.

Minister: it is not impossible for banks to reduce number of risky clients to 5%

It is not impossible for Latvian banks to reduce the number of risky clients to 5%, says Finance Minister Dana Reizniece-Ozola.

Syrian Afrin left by 220 000 civilians, Turkish-supported rebels loot town

After seizing the northern Syrian town of Afrin from Kurdish militia, Syrian rebels supported by Turkey have been looting properties, journalists have reported. The town has been left by estimated 220 000 civilians.

Ministry orders Riga City Council to lift restrictions on questions

Latvia’s Environment Protection and Regional Development Ministry has asked Riga City Council to act and fix violations of democratic principles in the newly approved rules for deputies.