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Auditor does not establish fraudulent activities in "Liepajas metalurgs" operations

 RIGA, March 20 - International audit company "Ernst&Young Baltic" has carried out an in-depth audit at the joint-stock metallurgical company "Liepajas metalurgs" that did not establish fraudulent activities in the company's operations, as the State Treasury's press officer Eva Dzelme informed LETA.

However, the auditor notes many shortcomings in the company's operations.

The State Treasury cannot further comment the report as it contains classified information. The audit report will be reviewed by the cabinet of Ministers, after which more information could be released about the audit company's findings.

The Finance Ministry signed a contract with "Ernst&Young Baltic" on performing an in-depth audit at "Liepajas metalurgs" on February 13 after the company said it would not pay the mandatory procurement component of electricity rates as it would lead the company toward bankruptcy.

In 2009, the Finance Ministry underwrote an EUR 85.6 million loan for "Liepajas metalurgs", the outstanding debt amount is currently at EUR 73.6 million.
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