Back to list Print 13. Mar. 2019

Ernests Saulitis: “We have a hard work ahead”

Following the meeting of Riga City Council between the shareholder of “Rigas satiksme”, Board members of “Rigas satiksme” and the company's creditors, the Chairman of “Rigas satiksme” Ernests Saulitis says: “We have a hard work ahead”.

E. Saulitis: “We have done our job to convince creditors of “Rigas satiksme” about the stability measures taken and planned by the company. Although the budget plan for 2019 has been approved, which includes a compensation amount of 130 million for the Riga City Council, which fully ensures the performance of the company and the fulfillment of the necessary obligations, it is clear that our duties do not end and we will have to do a hard work to continue looking for opportunities to optimize the costs of the company and introduce new procedures for the management of the company. "

Representatives of SEB Bank, Citadele bank, Nordea Bank and the Treasury were invited to meet with creditors. The participants were informed about the budget that is approved by “Rigas satiksme” for 2019, financial flows and future works, including the plan for implementing recommendations of the international auditing company “Ernst & Young” in the following directions: 

  • To establish a modern corporate management and procurement regulatory base; 
  • To establishing a modern system of financial control, supervision and risk management; 
  • To improve the public budgeting process and carrying out regular financial controls; 
  • To assess the possibilities for optimizing key spending positions; 
  • To carry out legal and efficiency evaluation of individual contracts. 

“Rigas satiksme” reminds that, in order to ensure the continued operation of the company, the Riga City Council has transferred compensation to the company amounting to EUR 9 193 698 (including State compensation of EUR 842 532) and EUR 8 351 166, which completely eliminates the risks of insolvency of “Rigas satiksme”.

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