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Wednesday 22.11.2017 | Name days: Aldis, Alfons, Aldris
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Restrictions to be imposed on important commercial companies in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUTo ensure protection of state interests in situations when shares are disposed in companies important for Latvia, the Saeima plans to establish restrictions for commercial companies important for national security.

Changes are necessary to ensure continued function of commercial companies important to the state and prevent risks to state administration and national security, as mentioned in the annotation to the legislative draft.

Amendments provide that restrictions will apply to electronic communication service providers with major influence. It is also possible that amendments may apply to companies that are licensed gas transmission operators or own LNG facility connected to the transmission system. Those can be companies that produce electricity or heating energy and whose actual power output exceeds 250 MW or which own heating transmission networks with at least 500 km coverage, BNN was told by Saeima’s press-service.

The government will have to establish national security duties for important companies and decide on the issue of permits in relation to major participation, acquisition of decisive influence, change of ownership and other important matters.

The legislative draft provides for a duty for companies provided with status important for national security to report certain information to the government, company shareholders and state institutions. After receiving the necessary information, the Cabinet of Ministers may request owners of such companies to dispose of their owned shares or leave the company. If the person disobeys such requests, the person can be refused voting rights and company representation rights. More detailed order will be discussed by the government.

Saeima’s press-service notes that current regulations do not provide for state actions in cases when a person whose actions may be aimed against the national security of the Republic of Latvia gains influence in important companies.

Only certain regulations provide restrictions, but they are too fragmented, as mentioned in the legislative draft’s annotation.

Ref: 224.109.109.5972


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