Financial Services, Latvia, Legislation, Markets and Companies, Metals Market, Port, Transport

Thus, in evaluating all the offers, Velmers took into consideration that Lipmans' offer was not in line with the conditions regarding the sale of the parent company, furthermore, Lipmans had not provided any guarantees on the availability of funds, which is a mandatory condition, Velmers explained.

"Considering these circumstances, Lipmans' offer was not on par with the other ones. The best one was chosen, as it was important to find a buyer who could improve the port's performance and increase the volume of cargo turnover," Velmers indicated.

As reported, Velmers turned down Lipmans' offer to buy a controlling interest in Liepajas osta LM, a subsidiary of Liepajas metalurgs, for EUR 555,000, and instead sold it to another bidder, Konstantin Goncharov, for an amount three-and-a-half times lower – EUR 150,000, the "Pietiek.com" portal reported.