Criminal proceedings have been initiated in connection with the transaction of the road construction company Binders in Lithuania

She pointed out that “Binders” had received a letter from the SRS stating that criminal proceedings had been initiated in the service and therefore the SRS had asked the company to submit documents on one specific transaction.

“I can confirm that the SRS has asked the company for information about a transaction with a Lithuanian company in 2018, which commissioned a study of the Lithuanian road construction market, looking in detail at the three main positions of interest to Binders – the Lithuanian road construction industry and the market as a whole. “Road construction companies in Lithuania and quarry farms in the neighboring country. In the framework of contractual obligations, several consultative works were held,” said Noriņa.

Asked which Lithuanian company it was and how much the contract was worth, Norina said that the company could not disclose such information.

On the other hand, when asked whether the 2018 transaction with the Lithuanian company is the only “Binders” transaction in Lithuania that the SRS is interested in, Noriņa answered in the affirmative. “We do not know the reasons why the SRS needs information about this transaction, but the company has submitted all the confirmations of the above transaction to the SRS,” Noriņa pointed out.

The representative of “Binders” explained that this transaction was concluded with a contract, the service has been accepted by a deed of transfer, it has been paid, there are copies of invoices, confirmations of payment orders. Also, the receipt and payment of the service has been carried out in strict compliance with the value added tax and accounting regulations, and Binders hopes that the services, which are currently reviewing the information collected and sent by the company, will also ascertain this.

Noriņa explained that the study commissioned by the Lithuanian company was necessary in order to streamline the company’s previous efforts to enter the neighboring country’s market.

“During the last three years we have worked there in relatively small amounts. It is clear that we are competitive in meeting the requirements of construction technologies and quality standards, because there are no big differences in comparison with the Latvian market in Lithuania, but each market has its own specifics, and we understood that professional informative help is needed in order to better understand the nuances of the Lithuanian market in general, “Noriņa said.

Representatives of “Binders” also expressed the opinion that the Lithuanian company has performed the work in accordance with the terms of the order, thus the company changed its original strategy in the Lithuanian market, and it has the first results. Last year, Binders won the largest road construction procurement in the neighborhood so far.

“Over the last three years, the company has paid a total of about two million euros to various service providers in Lithuania, consisting of subcontracting, accounting, legal, conference, tender preparation and other consulting services in the neighboring country,” Noriņa added.

SRS representative Andrejs Vaivars confirmed to LETA that the SRS has initiated criminal proceedings against “Binders”, but pointed out that according to the Law on Taxes and Duties, detailed comments on a specific taxpayer cannot be provided.

The turnover of the road construction company “Binders” in 2018 was 86.751 million euros, which is 34% more than in 2017, while the company’s profit increased by 3.1% and reached 5.205 million euros, according to “Firmas.lv” information. The company’s financial data for 2019 have not yet been published.

Binders was registered in 1993 and has a share capital of EUR 5,851,820. The owners of “Binders” are SIA “Nule 7” (40%), the real beneficiary of which is Armands Garkāns, SIA “Taino 1” (30%), the real beneficiary of which is Alvis Tanbergs, and SIA “Trustee” (30%) , the real beneficiary of which is Normunds Luste.

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Criminal proceedings have been initiated in connection with the transaction of the road construction company Binders in Lithuania

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