Analytics, Financial Services, Latvia, Markets and Companies

Lato Lapsa at the presentation.

The study notes that, although the largest part of properties that belong to the family of controversial Ventspils Mayor Aivars Lembergs, one of Latvia's so-called oligarchs, is unknown to the public, and the actual value of the Lembergs' properties can only be guessed from materials released by the prosecutor's office, the data the Lembergs have officially declared make it possible to calculate changes in the family's wealth.

Kirovs and Anna Lipmans, major shareholders in the pharmaceutical company Grindeks, are in second place, their wealth is EUR 58 million, or EUR 12 million less than last year.

The Skele family is in third place. The wealth of another one of Latvia's so-called oligarchs and former Prime Minister Andris Skele, Kristiana Libane-Skele, Madara Skele-Dupate and Anete Skele-Petersone is estimated at EUR 55 million – EUR 2 million less than last year. The family was involved in several major business transactions last year, and the effect of these transactions on the family's wealth is unclear still.

As reported, Lembergs, currently on trial for serious fraud and money laundering in Latvia, was named, as was Skele, two of the country's three so-called oligarchs by former Latvian President Valdis Zatlers.