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The other entity is a Western company, as Liepajas metalurgs insolvency administrator Haralds Velmers told Nozare.lv.

As reported, six investors submitted binding offers to buy Liepajas metalurgs, but currently talks are continuing with only four of them, Velmers told reporters after the government's meeting on August 19, explaining that two investors had to be disqualified as they did not meet the requirements.

Speaking with Nozare.lv, Lipmans said he was baffled at the insolvency administrator's move. "I do not understand how he could do this, why he has no trust in the country's businessmen who have already proved their professionalism. I have not stolen a single cent from the state, nor from banks. And I have already rescued Liepajas metalurgs once, I would be able to do it again this time," stressed Lipmans.

According to Lipmans, his offer was no worse than those submitted by the other potential investors, however, he knew the company much better than the other investors. Lipmans revealed that he had offered to invest EUR 60 million in the company during a period of seven years, and renew operations at Liepajas metalurgs in three months.

"I was not even permitted to acquaint myself with the other offers so I could see why my offer was worse. They have no shame," said Lipmans. "This is corruption on a national level – someone is waiting to be offered a bribe. I have received such hints. I believe I was excluded from the negotiations because I know too much about what is going on at Liepajas metalurgs," said Lipmans.

He did not say, however, who had given him the hint that a bribe was needed.

On the other hand, Velmers told Nozare.lv that investors' offers were being evaluated not only in terms of amounts they are prepared to invest, but also a number of other factors, including access to finance and ability to renew the company's operations.

"In Lipmans' case, the offer was very simple, and it did not provide and verifiable data on access to credit or how he would be able to resume Liepajas metalurgs operations. For this reason it was much less convincing than the other investors' offers – an offer cannot be considered binding if it is based on promises alone," said Velmers.

The other investors' offer was turned down for the same reasons, said Velmers, adding that this offer had been submitted by a Western company.

Talks with the four remaining investors continue on schedule, and the winning bid will be selected by the end of next week, said Velmers. After that, the offer will be harmonized with Liepajas metalurgs secured creditors, and once this is done, a contract will be signed, which could happen already in September, said Velmers, emphasizing that he hoped Liepajas metalurgs operations could resume this fall yet.

The four remaining bidders are all foreign companies, from the West as well as from the East, added Velmers.