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Tuesday 19.03.2019 | Name days: Jāzeps
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Lursoft: nearly 32,000 Latvian companies have disclosed true beneficiaries

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU31,800 Latvian companies have disclosed their true beneficiaries. Of those businesses, 28,300 had registered this information last year. Among the most frequently mentioned names of beneficiaries in Latvia are Aigars Kesenfelds, Guntis Rāvis and Ernests Bernis, according to data from Lursoft.

79.47% of all reported beneficiaries are people from Latvia. 47 of them are minors, as concluded in Lursoft study. It was also found out that in 372 cases when a company’s majority shareholder is a foreigner true beneficiary is Latvian citizen.

In 6.19% of cases the registered beneficiaries are not participants in any companies registered in Latvia. One-fifth of those people had owned shares in companies in the past.

One such person is Aigars Kesenfelds, who is currently the true beneficiary in 81 companies. At the same time, he owns no shares in any company. This businessman is the true beneficiary in several real estate companies, as well as a firm that offers self-service carwash – SIA Wash and Drive, AS Skanstes Biroju Centrs, SIA Mintos Finance and others. Kesenfelds’ interests in those companies are represented by AS ALPS Investments, as well as Malta-based Dyonne Trading & Investments Limited and other companies of this kind. Since June 2018, the number of businesses in which Kesenfelds is registered as true beneficiary has increased by a total of 19 companies.

Guntis Rāvis’s name is also frequently mentioned on lists of true beneficiaries. According to information from Lursoft, Rāvis is the true beneficiary in 75 companies. At the same time, he is also a shareholder in 7 companies and has posts in 53 companies.

Similar to Kesenfelds, Rāvis has increased the number of businesses in which he is registered as true beneficiary over the past year. In June 2018, Rāvis’ name was found on lists of true beneficiaries of 68 companies. Ernests Bernis’ name was found in 56 companies.

Lursoft has calculated that one-fifth of all true beneficiaries are foreigners. Among them, however, are also those whose names are mentioned among true beneficiaries of Latvian companies more often than others.

US citizens George Rohr and Moris Tabacinic are true beneficiaries in companies like AS Sidrabe, SIA Ģipša fabrika and others. Still, US citizens are rarely found among true beneficiaries in Latvian companies.

According to data from Lursoft, Russia, Lithuania and Estonia are also among the leading countries whose citizens are true beneficiaries in businesses in Latvian companies. The same goes for Ukraine and Germany. Lursoft has also found out that the number of true beneficiaries from Russia exceeds the ones from Lithuania 2.5 times.

Looking at statistical data for foreign investments it shows that Russian investors are the most active when it comes to investments in capital of Latvian businesses – at the time of the survey 5,960 Russian investors had invested money in 5,519 Latvian companies. Lithuanian investors had invested in 2,433 Latvian companies. However, in spite of the fact that Russian investors have come in the majority, the difference between investments from Russia and Lithuania is only 21.18%. Investors from Russia have saved up EUR 688.51 million in Latvian companies, whereas Lithuanians have saved up EUR 542.71 million.

Most of the companies in which true beneficiaries are aforementioned people are associated with real estate operations. Data compiled by Lursoft shows that 3,110 businesses have disclosed true beneficiaries.

Similar results are for wholesale and retail trade industries (2,690 and 2,365 companies).


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