Prime Minister Valdis Dombrovskis’ and his advisor Sandra Bukane’s joint family company Land Development, which is expected to return more than 1.25 million LVL to the so far spared Mortgage Bank, is attempting to sell its real estate project Palkavnieki for 234 thousand EUR.

According to the company’s annual accounts, this is a seven year real estate development project, which, in reality, looks not unlike a long abandoned hogweed plantation, Pietiek.com writes.

If the annual account of the joint company of Dombrovskis and Bukane are to be believed, it is a long since developed real estate project in Sigulda, Palkavnieki. «Work continued during the reporting year in the initiated projects in the Palkavnieki Parish of Sigulda, Vejlauki County of Adazi,»- said in the 2011 annual account of Land Development, stating in the «future chances and further development» section that it is planned to «continue the work in the projects in Palkavnieki and Vejlauki», as well as to «continue the work in the sphere of mediation and maintenance services in real estate».

However, as it turns out, by «continuing work» in the said projects Dombrovskis’ company clearly plans to dispose of the unprofitable Palkavnieki projects. A mediator ad has appeared on the Internet, which offers this project for 234 000 EUR (as the land registry states, Land Development paid 70 000 LVL for its two thirds of this property in 2005, but PBP Company, owned by one Gunta Mikelsone, paid the remaining 35 000 LVL).

According to the ad, a very impressive and interesting piece of property is being sold: «Area: 19 521 m2. The piece of land is located in Sigulda, within 10 minutes of walking distance from Matinu Lake. Excellent access to the piece of land and a clear path to the Riga-Pleskava highway (2.0 km away from the piece of land). All communications provided (including a centralized gas supply, electricity, Sigulda city water and sewer supply system) close to this piece of land. DEVELOPMENT POTENTIAL: Possibility of private, semi-detached houses, row houses or apartment buildings (up to 2 floors), with commercial, service, office, entertainment, sports facilities on the 1st floor. Guest house construction is also possible, by developing an appropriate land use plan.»

On Monday, Dombrovskis refused to answer the questions as to why his family company Land Development does not even bother to mow down the hogweed plantation from the «developed» project in Palkavnieki, and what kind of example does the Prime Minister show with this attitude to other Latvia residents.

The Prime Minister is closely related to his family company and its activities: he loaned 111 597 LVL from his personal savings to Land Development, and, according to the company’s results, the loan repayment date is being put off every year. It was previously stated that Dombrovskis should have received a full repayment one week ago, on June 25, 2012, but now the new date is December 31, 2015.

Ref: 102.109.109.2345