Keeping in mind that Latvijas Krajbanka had exceeded airBaltic crediting limits, it seems that the money was transferred through specially founded companies. One of these companies is KD Jet, which has now changed its name to AB Jet and has applied for insolvency.

In fact, KD Jet was not a true airBaltic airline creditor, investing EUR 5.7 million into the company, but instead was a participant in the deal, being a «front» for Latvijas Krajbanka. This deal was necessary because, at the time, Krajbanka had exceeded the allowed crediting limits. Similarly to that, Krajbanka had transferred EUR 6.5 million through airBaltic’s daughter company Baltic Airlines, Dienas Bizness reports.

There is some controversial information about just how much the government was aware, when signing the 2011 contract between airBaltic and their creditors about investing more than LVL 100 million into the airline, who were the real investors.

«At the time, the government had no available information about the companies, that were in any way connected to airBaltic and BAS. The only thing that was visible – is the obfuscated structure of these companies with strange financing sources. The government did everything in their power to resolve the situation, the decision made in October last year was an effective resolution, even though it was also somewhat humiliating for airBaltic in the eyes of the creditors and their representative Vladimir Antonov», – former Minister of Economy Artis Kampars says. While the Ministry of Transport and Secretary of State Anrijs Matiss notes that, thanks to the insights from IBS Prudentia government consultant, the ministry was informed about who were the real investors and signature representatives.

Ref: 102.109.109.1171