bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 22.08.2017 | Name days: Rudīte, Everts
LatviaLatvia

Einars Repše’s Artificial Intelligence Foundation announces liquidation

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUHaving lost financial support from banker Valery Belokon, Einars Repše’s research into artificial intelligence has been reduced to nothing more than yet another failed venture. His Artificial Intelligence Foundation has announced its liquidation.

The official announcement regarding the launch of the liquidation process mentions that the Enterprises Register made the decision to launch the liquidation of the company on November 25th. Creditors can now submit their claims within three months of the publication of the announcement.

This announcement came nearly six months after Valeri Belokon, the largest shareholder in Baltic International Bank and long-term financial supporter of Repše’s, announced his departure from Latvia’s Future Forum. It was clear even then that without funding from Belokon, Repše’s other projects would lose funding as well, as reported by Pietiek portal.

After his announcement, Belokon mentioned in an interview to Pietiek in relation to Repše and his financing: «The question will be as follows: assuming something did not take place this fall, will Einars have the strength to engage in politics and social activities? This is something for him to decide. If elections fail, there will be people who will step aside. Some funding will be lifted. Will he have the strength to take up some social activity? Depends on him. We need to look at how things develop. I do not think much about it. If it is important, you need to do it properly, not think about what to do when things go sour.»

BNN had previously reported that two years after submitting his last declaration, Einars Repše’s financial state has become truly catastrophic: if the leader of For Latvia’s Development party does not find money from some stash or if his lenders do not «forgive» his debts, the only option for his will be the announcement of personal insolvency.

With the wage Repše would be paid as Healthcare Minister, he would be able to pay back his debts in 37 years without spending anything on food and other necessities, as written by Pietiek.

In the declaration dated November 3rd, 2013, Repše noted that his total debts before unknown lenders were equal to EUR 1.32 million.

Officially, Repše had lent nearly EUR 176 thousand and $494 thousand. Repše continued to «eat away» the remaining amount. One year ago, the amount had reduced by approximately LVL 16 thousand – down to LVL 144 thousand. It had reduced to LVL 132 thousand shortly after.

With all that, Repše’s personal balance was deeply in the negative at the end of 2012. The situation had only worsened over the course of the next year – his debts now exceed EUR 584 thousand.

The ex-politician still owns a house in Ikšķile, as well as three pieces of property in Barkava and Kaunata parishes. He also owns a motorcycle, tractor, one Škoda automobile, shares in IPS Global Fondi and a small deposit in Swedbank open pension fund. He does not have any declared savings.

In preparations for the 12th Saeima elections, Repše has stated in his declaration that his debts have allegedly significantly reduced – down to «only» EUR 791 thousand. However, the declaration also shows that Repše has effectively used up all the money that was lent to him at the end of 2012.

He no longer has any cash savings. All that he has left is $13,048 as non-cash funds and securities worth EUR 2,770 on his Swedbank open pension fund and shares worth $140,000 in nine foreign companies.

This means Repše is completely dependent on the good will of his lenders. On top of that, he has no properties to sell in order to cover a ‘hole’ that is more than EUR 500,000 big. The politician can only hope for some financial miracle or patience of his creditors, because if they ask to have debts be paid back, Repše would be forced to announce personal insolvency.

Ref: 102.109.109.2421


Leave a reply

Traders: following VAT decline, prices of goods will decline as well

Latvian Association of Food Traders supports Agriculture Ministry’s proposal to reduce VAT rate for food and separate food product groups. Traders confirm that this step will also reduce food product prices in stores.

The most major risks and solutions for real estate purchase and rent with option to buy

To acquire housing in one’s property, often residents use rent with an option to buy. Sworn attorney Zanda Zaluma of Eversheds Sutherland Bitāns shares advice resident should keep in mind when signing real estate contracts.

Finance Minister: businessmen will be forced to pay larger wages

The current market situation shows that Latvia should speed up its education reform and think about attracting additional human resources from other countries, said Latvian Finance Minister Dana Reizniece-Ozola in an interview to Latvijas Radio.

Latvia to procure Stinger anti-air missile launchers

A mutual contract has been signed between Latvian Defence Ministry and Danish Defence Ministry for the procurement of anti-air missile launchers used by the Danish armed forces, as confirmed by Latvian Defence Ministry.

Oil prices and stock exchange indexes decline in Europe

On Monday, 21 August, oil prices declined. Exchange indexes in USA increased slightly, whereas exchange indexes in Europe declined because of concerns over the policy implemented by the administration of US President Donald Trump.

Terrorists in Barcelona were planning three explosions

Terrorists, who performed two attacks in Catalonia last week, were initially planning to blow up three shuttle buses in crowded areas in Barcelona, as reported by El Espano.

Lawyer: Maxima wants to earn by reducing compensations for the tragedy

Maxima Latvija and Zolitude 21.11 have reached an agreement on payment of EUR 900,000 to support victims of Zolitude tragedy – EUR 5,000 to EUR 75,000 to each person, as reported by Maxima Latvija.

Producer prices in industry in Latvia grew 0.4% in July

Compared to June, the level of producer prices in Latvian industry rose by 0.4 % in July 2017. The prices of products sold on the domestic market increased by 0.5 %, whereas the prices of exported products grew by 0.3 %.

Enefit: Latvia reduces electricity price difference with neighbouring countries

In recent years, Latvia has managed to reduce the electricity price difference with other Baltic neighbouring countries, as reported by Enefit Chairman Janis Bethers.

Farmers Saeima: butter price will not remain high for long

The high price on butter in Latvia will not remain so high for long, said Farmers Saeima Vice-Chairperson Maira Dzelzkaleja-Burmistre in an interview to 900 seconds programme of LNT.

Aseradens elected as chairman of Unity; Krisjanis Karins to lead party’s city council faction

Unity elected Economy Minister Arvils Aseradens as the new chairman of the party. MEP Krisjanis Karins has been elected as the party’s leader in Riga City Council with Santa Zarane as his deputy.

LPS manager: forming the budget, it is important for municipal funding to stay the same

In the formation process of the next year’s state budget, it is necessary to guarantee finances do not reduce for municipalities, said the chairman of Latvian Association of Local and Regional Governments Gints Kaminskis in an interview to Latvijas Radio.

Police to organize inspections in stores; parents asked to watch their children as well

For the new school year, Riga Municipal Police will be performing regular inspections at stores, bars and cafes from 21 August to 31 August, as well as the first days of September, to make sure minors are not sold alcohol and tobacco products, BNN was told by police.

Colder masses of air to enter Latvia this week; more rain expected

This week’s weather in Latvia will be dictated by a cyclone hovering above Northern Europe. Colder masses of air will flow into the country. A lot of rain is expected in Latvia this week, as reported by State Environment, Geology and Meteorology Centre.

Kirsis asks police to assess possible forging of votes at Riga City Council

Riga City Council’s Unity faction chairman Vilnis Kirsis has asked State Police to check if the city council’s electronic voting system was used without another deputy’s knowledge or consent, said the politician.

Expert: attack in Spain shows how terrorists switched to more easily reachable targets

Terrorist attacks that transpired in Spain this week shows how terrorists have switched to more easily reachable targets, where security requirements are not as strict, says Latvian National Defence Academy’s Security and Strategic Research Centre researcher Martins Hirss.

New mandatory tests in schools to be introduced four years from now

In four years’ time – 2021/2022 school year – it is planned to introduce completely new mandatory tests in schools, as reported by State Education Content Centre Director Guntars Catlaks.

Nearly 9,000 children and their parents got homes thanks to state support programme

In the first half-year of 2017, state support helped 1,527 families in Latvia to buy homes. Compared with last year, families’ demand for state support has grown 6%, as reported by Altum finance institute.

Prediction: Aseradens will likely take control over Unity

Economy Minister Arvils Aseradens will become the head of Unity, Betsafe bookmakers predict. The possibility of Aseradens becoming the head of the party is given 45% probability by Betsafe.

Provisional estimate for next year’s fiscal space in Latvia is EUR 60 million

Next year’s fiscal space has been estimated at EUR 60 million, as noted by Finance Minister Dana Reizniece-Ozola, adding that a more precise estimate will be available at the end of August.

Reconstruction of Vilnius airport runway concludes; aircraft return to Vilnius

On Thursday, 17 August, Vilnius airport’s runway was festively opened. This was the most massive reconstruction for the airport in the past 20 years. It was a unique project for Lithuania and all of Europe, airport representatives say.

Islamic State terrorist group takes responsibility for Barcelona attack

The recent terrorist attack in Barcelona, in which a shuttle bus rammed a crowd of people on La Rambla, killing 13 and injuring at least 100, has become this week’s topic.

Weather in Latvia to be warm but rainy on weekends

The sun will appear every now and then between clouds on Friday, 18 August. Still, some rain is expected, especially in the afternoon in Latvia’s eastern regions, where thunderstorms may appear. Rain is expected to reach the capital in the afternoon. Wind will draw in from the south. Air temperature will reach +21° C… +26° C, according to State Environment, Geology and Meteorology Centre.

Latvia’s export growth was moderately rapid in the first six months of 2017

Compared with the same period of 2016, Latvia experienced a moderately rapid export growth in the first six months of 2017, according to data published by Eurostat on Thursday, 17 August.

Latvia’s annual inflation in July was one of the highest in Europe

Inflation indexes in Latvia and the UK both reached 2.6% in July, which is one of the highest indexes in the European Union, according to data published by Eurostat on Thursday, 17 August.

Newest comments