Cash pledge appears to finance Hotel Latgale


Former business partner of finance minister makes guarantee

Donats Vanags, a former business partner of current Latvian Finance Minister Einars Repse, has provided a guarantee to Swedbank to the amount of LVL 2.25 million (EUR 3.2 million). The debt commitment was undertaken by the company Grand Latgale, which owns the Hotel Latgale in Rezekne. Grand Latgale owns 99.08 percent of the shares in the Hotel Latgale. According to data provided by Lursoft, losses incurred by the Hotel Latgale last year amounted to LVL 286 000. Turnover reached only LVL 453,000.


Dienas Bizness, 2009-04-21

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