Latvia, Legislation, Lithuania, Markets and Companies, Mergers and take-overs, Oil

International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 20:01

Lithuania's Vaizga fined EUR 57,000 in Latvia

BC, Vilnius, 29.10.2018.Print version
Vaizga, a Lithuanian business group operating service stations and motels as well as providing land lease and transport services, owned by the Paleicikas family, has been fined 57,400 euros in Latvia, which the group has already paid, informed LETA/BNS.

Latvia's competition watchdog fined the Lithuanian company over its failure to inform in time about the planned acquisition of Latvian firm Petrol Property. Vaizga reported the acquisition 10 months after the deal was closed, which led to an investigation.


The Latvian watchdog approved the transaction in April, Lithuania's Competition Council said. According to the statement, Vaizga has indirect decisive influence on the Latvian fuel retailer Viada Baltic as the both operate in vertically-related markets.


According to Latvian law, Vaizga had faced a fine of up to 3% of its annual revenue.

Vaizga posted 577.708 mln euros in consolidated revenue last year, up 63.9% from 2016, and its net profits jumped 2.4 times to 11.687 mln euros.


Vaizga is owned by Ivan Paleicik and his family members.





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