EU – Baltic States, Latvia, Port
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Thursday, 28.03.2024, 18:27
Transport Ministry proposes transforming Latvia's large ports into state capital companies
According to the draft amendments to the Law on Ports and the Law Liepaja SEZ, which today were presented at a meeting of state secretaries, the Ministries of Transport, Finance, Economics and Environmental Protection and Regional Development would be holding shares in the port companies on behalf of the state.
The Transport Ministry would hold a 40% stake, and the Ministries of Finance, Economics, as well as Environmental Protection and Regional Development would each hold 20% in the state capital companies.
Given the importance of the ports' operations for the local governments of Riga, Ventspils and Liepaja, as well as the numerous municipal properties which are already managed by the ports' authorities, the local governments would be able to acquire shares in the state-controlled port companies, but on the condition that the state keeps at least two thirds of the shares. This will ensure that the local governments remain actively involved in the ports' business, are able to control the use of their assets and defend their interests.
To promote the private sector's involvement in the management of Liepaja SEZ, the city council would be able to delegate a representative of the Liepaja SEZ-based enterprises to the capital company's board.
Both bills also include regulations for a nine-month transitional period during which the ports will switch to the new management model.
As reported, three of the five coalition partners - New Unity, the National Alliance and KPV LV - previously objected to turning Liepajas SEZ into a state capital company. The local government of Liepaja was also against the plan.
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