EU – Baltic States, Latvia, Legislation, Lithuania, Markets and Companies, Real Estate

Maxima representative Janis Beseris says that Tineo is associated with Maxima Latvija in having one and the same person, Narijus Numavicius, run both Tineo and Vilniaus Prekyuba, the parent company of Maxima Latvija. According to Beseris, Maxima Latvija belongs to Maxima Group, which in turn belongs to Vilniaus Prekyba.

Beseris explains that the underground parking lot, the site where a new apartment building is built, and the roof of the collapsed supermarket still belong to the company Homburg Zolitude. That is why Homburg Zolitude is responsible for all construction activity in these areas.

Homburg Zolitude hired construction company Re&Re to implement the said projects.

Homburg Zolitude is also in charge of construction work that was taking place on the roof of the collapsed building, Beseris repeated, stressing that Tineo and Maxima Latvija were not part to this project.

The Maxima supermarket on Priedaines Street in Riga's Zolitude opened on November 3, 2011. At that time, the entire building belonged to Homburg Zolitude, and Maxima rented part of the building for its grocery store.

On August 6, 2012, Tineo acquired the part of the building that was already in operation and occupied by the Maxima store. The remaining part of the building is property of Homburg Zolitude.

According to Latvian Real Estate Association's 2012 report on the largest real estate deals in Latvia said that Tineo, which belongs to the Cypriot offshore company Foumico Investments Limited, bought 70% of the real estate on Priedaines Street – 1.03 hectare land parcel and several buildings – from Homburg Zolitude for LVL 3.09 million.

Homburg Zolitude belongs to the Dutch company Homburg Eastern Europe Fund B.V..

According to Firmas.lv data, Tineo posted LVL 107,038 in turnover last year and LVL 7,843 in losses. The company's share capital is LVL 748,000.

On the other hand, the total turnover of Maxima Latvija stores last year was LVL 450,368 million, and profit – LVL 14.432 million.

Maxima Latvija was established on November 29, 2000, the group's capital is LVL 3.450 million. Its parent company is Lithuania-registered Vilniaus Prekyba UAB, which in turn belongs to the Dutch-registered Lincoln Land Erste B.V..

As reported, 54 people, including three firefighters, died and several dozens were injured as a Maxima supermarket in Riga's Zolitude neighborhood collapsed on November 21.

The Riga supermarket tragedy has become the largest loss of life since the restoration of independence in 1991.