• 2016 September 13 09:40

    KPMG Baltics will audit the Freeport of Riga Authority

    On August 31, 2016, the Freeport of Riga Board has decided to employ an independent international company KPMG to audit the Freeport of Riga Authority financial statements and consolidated financial statements and prepare the auditor's report. The contract on auditing financial statements will be signed for the next three years, says press center of FRA.

    “The KPMG is one of the leading providers of financial audit services in Latvia and the world. In previous years we have audited both Riga and Tallinn ports, as well as other leading European ports.  We carry out the research on port and transport sector developments in the Baltic region on the regular basis. The KPMG specialists work in compliance with the highest international standards of financial auditing and accounting and therefore we will continue  to provide a reliable assessment of the Riga port financial performance, based on international practice “, says Ms. Armine Movsisjana, KMPG Baltics Managing Partner.  

    “In order to address various critical public statements of certain state institutions, which are usually based on general assumptions without going into specific details, related to the port operation and governance, and behind which, most probably, there are various political and economic interest groups, we have involved international auditors with appropriate expertise and impeccable reputation to evaluate the Freeport  performance.  For example, currently the functional audit as well as the audit of the Freeport organizational structure is being performed. Recently the audit of the legality of the Freeport of Riga Authority officials’ operation has been completed and, incidentally, no sensational violations or embezzlement of funds have been detected. As for the Freeport financial audit – we will continue our cooperation with the KPMG Baltics, whose experience, expertise and reputation leaves no doubt,” says Mr. Leonids Loginovs, the Freeport of Riga CEO

    The contract with the international financial audit company KPMG will be concluded on the basis of the Cabinet Regulations   No. 378 “The Freeport of Riga Authority Regulations” of 29 May 2012 and the Law “ On the Annual Financial Statements and Consolidated Financial Statements”

    On July 15, 2016 the Freeport of Riga Board at its extraordinary meeting decided to carry out a comprehensive audit and assessment of the Freeport of Riga Authority functions and organizational structure, the audit is to be performed by the international audit company Deloitte. The contractual work is to be completed by September 30, 2016.

    Besides, Deloitte has recently completed the audit of the legality of the Freeport of Riga Authority officials’ operation in regards of decisions, made during different time periods from 2009 to 2012, determining the Authority officials’ liability limit and preparing a relevant report. In the framework of the independent auditor's report the actual essence of the transactions between the Freeport of Riga Authority and Liepaja Maritime College, the Freeport of Riga Authority and the International Association of Ports, the payments to the Freeport employees, as well as supporting documents and decisions’ legality were evaluated.




2019 July 20

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2019 July 19

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16:03 CMA CGM announces GRR from Asia to East and South Africa
15:50 East Mining Company to invest RUB 11.5 billion in development of its coal project in Sakhalin
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13:51 150 graduates of Moscow State Water Transport Academy awarded with diplomas
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11:14 Ice-breaking LNG carrier for Yamal LNG Project named NIKOLAY URVANTSEV
10:58 Minister of Transport of Malaysia visits World Maritime University
10:26 Saudi Arabia accedes to two important IMO treaties
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2019 July 18

18:05 Future expectations for MPS Terminal 3 in the port in Tema outlined with Government delegation
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16:35 Consortium including DEME and Jan De Nul explores pioneering high-wave offshore solar technology
16:07 Large maritime market players join hands to create high-wave offshore solar panels
15:52 State Duma makes it easier for foreign tourists to visit Russia’s Arctic
15:35 Incat Tasmania delivers new 111-metre ferry to Spain operator Naviera Armas
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14:26 Bunker prices are slightly down at the Far East ports of Russia (graph)
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13:44 PortNews Media Group's anniversary celebration photo release
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11:09 Port of Muuga strengthened with new ferry connection to Finland
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10:30 MAN Energy Solutions gets subsea compression FEED order from Chevron
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2019 July 17

18:13 USCG responds to boat collision, assists 4 injured
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