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Saturday 24.02.2018 | Name days: Diāna, Dina, Dins
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Swedish businessman: it's not safe to develop business in Latvia

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No investor is prepared to invest money in a country that has one thing written in its law, officials tell you something entirely different and act in a different way to both, Swedish investment company representative Per Andersen says.

In an article of Ir magazine, he mentions that Latvia has done much to overcome the crisis. However, Latvia’s business environment is no longer trusted by many businessmen.

Andersen mentions the Palink scandal as a prime example. In that scandal, a small debt completely paralysed the large international company’s activities for months. Many small and medium Swedish businessmen saw this as a warning that it is not safe to develop a business in Latvia.

The Swedish businessman also mentioned the so-called “Ventspils transit wars”, which revolve around the struggle for control over Ventbunkers. He noted that the events in this peculiar “war” send negative signals about Latvia’s legislation and court system to international investors. The situation also clearly shows that the state is not interested in resolving such problems.

“I haven’t researched this case in detail, but based on the publicly available information, it can be concluded that a single shareholder, even if he controls less than 1% of shares, can paralyse and blackmail a concern worth dozens of millions. Such a situation would be normal for Russia or any other post-Soviet country, but if something like that ever happened in a country like Sweden or Norway, the government would respond in an instant,” – he said.

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Leave a reply

  1. Berzins says:

    Everybody knows Latvia is a banana republic. So keep away…

    Thumb up 0 Thumb down 0

  2. Ilmars says:

    Latvia , in the rest of Europe , is regarded as a pariah Russian satellite where banks are looted , money is laundered , internet scammed money is deposited and companies ( like Ventsbunkers ) are asset stripped .
    None of this would happen in Sweden , Norway or anywhere else in Europe .
    The PM should implement the business culture , ethics and practices of Europe , and not those of the Russian mafia .

    Thumb up 0 Thumb down 0

    • Oddis says:

      You don’t understand: this is the latvian mentality. A PM can’t change that. You latvians have to change yourself and be honest!

      Thumb up 0 Thumb down 0

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