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Tuesday 22.08.2017 | Name days: Rudīte, Everts
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Minister: the recent actions of LM owners only worsen their situation

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Daniels Pavluts

The actions of the owners of Liepājas metalurgs (LM), gifting properties to their relatives the way they did, are a clear sign that the government should not provide financial assistance to the company, believes Latvian Economy Minister Daniels Pavluts.

In his interview to Latvian Radio, Pavluts said that this kind of action proved his point that the owners of LM do not want to invest money in the efforts to save the company. “This once again crossed my doubts about trying to go and save LM. It is not inability. It is unwillingness to invest ones personal funds into the company”, – he noted.

There is still no clarity about potential investors; how much money they are willing to invest. “We are in the process of exchanging information. Potential investors are being weighted,” – Pavluts added. According to him, these potential investors are from the “Eastern side”.

The minister did mention that the company is no longer capable of paying for electricity. Right now it is important for LM to be able to pay salaries to its workers. As it is known, LM’s financial state is critical. More than 100 workers have already left the company.

As previously reported by BNN, the largest shareholder and Council Chairman of the financially struggling Liepājas metalurgs Sergei Zakharin had given quite a few very generous gifts to his older brother Valery Zakharin nearly one month ago. Zakharin gifted five pieces of real estate property (worth a total of nearly LVL 9 million), Prietiek writes with reference to data from Lursoft.

According to the data from Lursoft, Zakharin gifted his villa in Jurmala (estimated worth – LVL 600 thousand) to his older brother. Also, Valery Zakharin received real estate property in Liepaja (estimated worth – LVL 730 thousand).

Following the example set by Sergei Zakharin, Ilya Segal decided to free himself of some of his personal property as well.

He gave away his villa in Jurmala to his son one month ago, Pietiek reports with reference to information from the land book.

The 7 075-m2-large piece of land and the villa was bought by Segal from Latvijas Gāze Manging Director Adrians Davis and his relative Olgerts Visvaldis-Davis for a total of nearly LVL 600 thousand in 2002.

In June 2012, after having registered his marital relationships with Natalija Segal, the impressive villa in Jurmala remained in Segal’s ownership. However, this May, when the situation at LM became especially tense, the villa suddenly changed its official owner.

According to the land book, Segal gifted this property to Eduard Segal on May 21, 2013. The lucky recipient is only 12. Nevertheless, the parents have put precautions in place – the land book features a restriction for the new owner to perform any legal transactions with the property without his parents’ consent. There is one other note in the land book – Ilya Segal and Natalia Segal both have perpetual rights to use the villa in Jurmala.

Ref: 102.109.109.7998


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  1. Ilmars says:

    The soap opera regarding LM has gone on for too long.
    If they cant or wont pay their bills then bankruptcy receivers should be sent in post haste to to sell LM and pay creditors , or to close it down .
    The meddling of politicians has only made it worse .
    The owners of LM are liars and thieves , and the government should not give them one santimi .

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