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Polish journalists uncover possible fraud at "Liepajas metalurgs"

 RIGA, April 8 - Polish journalists have uncovered possible fraud at the financially-troubled joint-stock metallurgical company "Liepajas Metalurgs", the TV3 broadcast "Neka personiga" ("Nothing Personal") reports.

As reported, according to a report on the financial situation at the company obtained by "Nozare.lv", as the economic situation in Europe declined last year, and so did the demand for metallurgical products, "Liepajas metalurgs" expanded exports to third countries' markets, and almost half of the company's output is currently exported to Algeria. Furthermore, "Liepajas metalurgs" covers the cost of transport when exporting its products to Algeria and other countries, which further reduces the company's profitability.

Polish journalists have concluded that steel, on its way from "Liepajas metalurgs" to Poland, has become cheaper.

According to official statistics, Latvia exported nearly 300,000 tons of steel bars to Poland in 2011, according to a Polish television report. The Polish Finance Ministry's data, however, indicates that the number of steel bars was 60 times smaller.

"Liepajas metalurgs" exported 780,864 tons of rebars and 57,285 tons of workpieces in 2012. The largest export markets for "Liepajas metalurgs" rebars were Algeria - 35.96 percent, Poland - 32.15 percent, and Great Britain - 6.31 percent.

Polish journalists suspect that the largest share of Liepajas metalurgs" production was sold on the black market. The company, however, declines to give interview to Polish journalists or "Neka personiga".
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