Business, EU – Baltic States, Financial Services, Funds, Latvia, Legislation

On Wedesday, Latvian daily Latvijas Avize reported that LIAA is suspecting EU funds fraud in business trips organized by the LTRK under the project on promoting international competitiveness.

Eiduka said that 218 companies have filed 480 submissions, requesting to support their participation in LTRK trade missions to 48 countries for a total sum of EUR 1.737 mln. The sum already paid to companies reach EUR 1.601 mln. The suspended sum is EUR 151,088. In the criminal procedure, information about 32 trade missions for a total sum of EUR 626,030 from the European Regional Development Fund is being investigated.

She said that the case is in pretrial investigation, therefore LIAA may not provide any information on the allegedly engaged persons.

In order to increase exports of products and services with high added value, in early 2016, LIAA launched a program for promoting international competitiveness, and business representatives were able to receive grants for participation in international fairs, conferences, seminars and trade mission, including establishing individual contacts to a country of choice.