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Wednesday 18.07.2018 | Name days: Rozālija, Roze
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Einars Repše’s Artificial Intelligence Foundation announces liquidation

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUHaving lost financial support from banker Valery Belokon, Einars Repše’s research into artificial intelligence has been reduced to nothing more than yet another failed venture. His Artificial Intelligence Foundation has announced its liquidation.

The official announcement regarding the launch of the liquidation process mentions that the Enterprises Register made the decision to launch the liquidation of the company on November 25th. Creditors can now submit their claims within three months of the publication of the announcement.

This announcement came nearly six months after Valeri Belokon, the largest shareholder in Baltic International Bank and long-term financial supporter of Repše’s, announced his departure from Latvia’s Future Forum. It was clear even then that without funding from Belokon, Repše’s other projects would lose funding as well, as reported by Pietiek portal.

After his announcement, Belokon mentioned in an interview to Pietiek in relation to Repše and his financing: «The question will be as follows: assuming something did not take place this fall, will Einars have the strength to engage in politics and social activities? This is something for him to decide. If elections fail, there will be people who will step aside. Some funding will be lifted. Will he have the strength to take up some social activity? Depends on him. We need to look at how things develop. I do not think much about it. If it is important, you need to do it properly, not think about what to do when things go sour.»

BNN had previously reported that two years after submitting his last declaration, Einars Repše’s financial state has become truly catastrophic: if the leader of For Latvia’s Development party does not find money from some stash or if his lenders do not «forgive» his debts, the only option for his will be the announcement of personal insolvency.

With the wage Repše would be paid as Healthcare Minister, he would be able to pay back his debts in 37 years without spending anything on food and other necessities, as written by Pietiek.

In the declaration dated November 3rd, 2013, Repše noted that his total debts before unknown lenders were equal to EUR 1.32 million.

Officially, Repše had lent nearly EUR 176 thousand and $494 thousand. Repše continued to «eat away» the remaining amount. One year ago, the amount had reduced by approximately LVL 16 thousand – down to LVL 144 thousand. It had reduced to LVL 132 thousand shortly after.

With all that, Repše’s personal balance was deeply in the negative at the end of 2012. The situation had only worsened over the course of the next year – his debts now exceed EUR 584 thousand.

The ex-politician still owns a house in Ikšķile, as well as three pieces of property in Barkava and Kaunata parishes. He also owns a motorcycle, tractor, one Škoda automobile, shares in IPS Global Fondi and a small deposit in Swedbank open pension fund. He does not have any declared savings.

In preparations for the 12th Saeima elections, Repše has stated in his declaration that his debts have allegedly significantly reduced – down to «only» EUR 791 thousand. However, the declaration also shows that Repše has effectively used up all the money that was lent to him at the end of 2012.

He no longer has any cash savings. All that he has left is $13,048 as non-cash funds and securities worth EUR 2,770 on his Swedbank open pension fund and shares worth $140,000 in nine foreign companies.

This means Repše is completely dependent on the good will of his lenders. On top of that, he has no properties to sell in order to cover a ‘hole’ that is more than EUR 500,000 big. The politician can only hope for some financial miracle or patience of his creditors, because if they ask to have debts be paid back, Repše would be forced to announce personal insolvency.

Ref: 102.109.109.2421


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