Looking at annual accounts published by state joint-stock company Latvijas dzelzceļš (LDz), there are certain positions that have increased an in which the concern has spent very generous amounts of money despite a drop in operations, writes Ilmārs Randers for la.lv.
The positions in question are the wages of board and council members. Officially audited financial accounts indicate that these expenditure positions in the concern increased from EUR 774 000 in 2018 to EUR 1 374 000 in 2020.
According to la.lv author, looking at this from the perspective of economic activity, management wage expenses have become 2.5 times more expensive, rather than more efficient. On the other hand, the company suffers considerable losses instead of profits.
Read also: Latvian corruption watchdog requests criminal prosecution of former LDz board members
For years LDz and airBaltic, which is also owned by the state, have stood in a queue for state financing. The financing is provided, but at the expense of all others, but its doesn’t seem to worry anyone.
More on this topic here.
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