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Sunday 23.10.2016 | Name days: Daina, Dainida, Dainis

LRA asks Prime Minister to explain usefulness of Prudentia’s services

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThis Tuesday, 2 June, Latvian Regional Alliance sent a letter to Prime Minister Laimdota Straujuma in which the political party asked to be provided with explanations regarding the exact amount of money that was paid to Prudentia Advisers for its services.

«We believe it is not normal for the state to continue paying taxpayer money worth hundreds of thousands euros to private consultants for services whose usefulness is neither explained nor made clear to society in a situation when that same state has difficulty allocating finances for more important industries and Finance Ministry actively asks state institutions and politicians not to scare people when using the word ‘consolidation’. With that, we ask Prime Minister Laimdota Straujuma to provide us with information on how much money has been paid to Prudentia, what services have been bought so far and how has the state benefited from them,» – notes LRA Saeima faction leader Dainis Liepins.

Latvian Regional Alliance, in accordance with Section 119 of Saeima Rules of Procedure, has asked Prime Minister Laimdota Straujuma to provide explanations as to which state institutions and companies controlled by ministries have been provided with services from Prudentia over the years and how much money, including taxpayer money, has been used to pay for those services. LRA has also asked to be provided with information regarding the benefits those services have provided the state and residents, as reported by LRA.

Last year, Prudentia Advisers worked with turnover of EUR 2.216 million and EUR 270,627 of profit, according to information from

In comparison with 2013, the company has increased its turnover and profit.

It is written in the company’s management report that the company managed to achieve good growth rates in 2014 – a climb of 115% in comparison with the year before.

Last year, the company was involved in multiple significant projects, including providing assistance to airBaltic airline in the restructuring of debt worth approximately EUR 74 million. The company also contributed to and provided consultations to Liepājas metalurgs’s insolvency administrator Haralds Velmers to assist in detailed evaluation of assets and their subsequent sale. Prudentia Advisers also worked in other projects as well – strategic consultations were provided to multiple companies working in Latvian pharmaceutical wholesale industry and potential investors were provided recommendations about opportunities in the country’s banking sector, said in Prudentia’s report.

Prudentia also plans to strengthen its position in Latvia. Nevertheless, even with a carefully optimistic forecast for market development and considering market fluctuation risks, Prudentia’s turnover may turn out below the level of 2014.

Prudentia Advisers is owned by Rainis Martinsons (46%), Karlis Krastins (46%) and IBS Prudentia (8%).

As previously reported, services from Prudentia were procured by the Latvian government multiple times in the past without any competition. Prudentia was called in to assist with airBaltic, Parex and Liepājas metalurgs situations.


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