On decisions of the Supervisory Board
Riga, 2020-09-29 13:26 CEST --
Yesterday, the Supervisory Board of Latvenergo AS decided to start an audit regarding the information reflected in the LTV broadcast De facto, relating to officials of the Group and events of 2015 to verify whether there has been favourable attitude of Latvenergo towards individual entrepreneurs in recent years. The task of the internal audit subordinated to the Latvenergo Supervisory Board and external specialists will be to verify information about the procurements and other transactions performed by the Group. In order to ensure neutrality of the verification process, Ā.Žīgurs will go on an annual leave until October 30. During this time, the duties of the Chief Executive Officer of Latvenergo AS will be performed by the Chief Commercial Officer U.Bariss.
The TV broadcast reported on the investigation started in 2018 and completed in August this year, in which the information initially in the proceedings indicated possible illegal actions of several people, and the participation and statements of the Chairman of the Management Board of Latvenergo AS Ā. Žīgurs and former Member of the Management Board M. Kuņickis during informal conversations in 2015 were investigated. It is known from the decision by the Corruption Prevention and Combating Bureau that the constituent elements of a criminal offence were not established during the pre-trial investigation. The operational activities of Latvenergo are not affected in any way in connection with these events.
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Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas in Lithuania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.