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Sunday 23.07.2017 | Name days: Magda, Magone, Mērija
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Healthcare Minister Belevics’ son receives EUR 500,000 in dividends

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUEUR 500,000 – this is the amount of money Latvian Healthcare Minister Guntis Belevics’ son, Arturs Belevics, received in dividends from his company Baltacon last year. If the minister is to be believed, the impressive amount of money came as a result of his son’s «actual» ownership of ‘one of the 800 currently existing pharmacies in Latvia’, as reported by Pietiek portal.

«My son owns one Saules pharmacy in Riga and 50% of another Saules pharmacy. Basically it is one of 800 pharmacies in Latvia,» – said the Healthcare Minister, whose involvement in a conflict of interests in relation with his family business has been found by the Corruption Prevention and Combating Bureau, as reported by Dienas Bizness.

The truth is different from how Belevics paints it – what is owned by his son is not one and a half pharmacy, but actually a medicine wholesale business. Belevics Jr. owns 100% of it, as he owns 50% of another medicine wholesale business he shares with an unknown Austrian company.

The first company is Saules pharmacy, in which the now Healthcare Minister had been a board member until autumn 2014. The other company is Baltacon, which, according to Lursoft, is divided between Arturs Belevics and Belgium-registered United NRJ.

Recently Lursoft received Baltacon’s annual account for 2014. In it, Arturs Belevics confirmed with his own signature that the company is not ‘one of 800 pharmacies in Latvia’, as claimed by his father, but ‘two structures – medicine wholesale business on O.Vaciesa street 13 in Riga (licence Nr.L-54/1 from 17.12.09) and pharmacy on Duntes street 19a in Riga (licence Nr.Apn-817/3 no 14.05.10)’.

The annual report states that this ‘pharmacy’ had worked with an impressive turnover in 2014. This turnover was almost completely generated by wholesale trade: Baltacon’s turnover was EUR 19,339,228 in 2014. The company’s clean revenue was EUR 876,650.

The TOP 100 list of Latvia’s largest dividend recipients published by Kapitals magazine shows that Belecics had paid himself EUR 500,000 in dividends as co-owner of Baltacon last year. This puts him on the 31st place on the aforementioned list.

Neither company owned by Belevics family agreed to reveal their economic information in regard to trade of medicines. An outlook compiled by State Medicine Agency (which Healthcare Ministry has decided to reorganize) has a number of companies that refuse to reveal information about their turnover and other sensitive economic information. Among these secretive companies are also Saules pharmacy and Baltacon.

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