Financial regulator fines Valmiera Glass for late filing of accounts

Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) announced August 20 a 1,000 euro fine on international fiberglass company Valmiera Glass (joint stock company Valmieras stikla šķiedra)  

"The penalty is applied because the company did not publish financial information for the first three months of the year 2019 within the legal period, thus denying investors access to the operational data of JSC “Valmieras stikla šķiedra”. The financial information for the first three months of the year 2019 shall be published by JSC “Valmieras stikla šķiedra” not later than by 31 August 2019," FKTK said in its announcement, adding that publication of the company's audited report for 2018 is 31 October 2019.

On August 15, the company announced: "The Management Board of AS VALMIERAS STIKLA ŠĶIEDRA hereby informs that the audited annual consolidated and standalone financial statements for the year 2018 will not be available to be distributed until 16 September 2019 as previously anticipated.

As previously reported by LSM, the company is currently in legal protection as a result of losses racked up by its U.S, operations, which were formerly a flagship for trans-Atlantic investment.

"The Company continues to develop its legal protection proceedings (‘LPP’) Plan. To formulate the most suitable outcome for all stakeholders involved, additional time has been deemed to be necessary for the preparation of the final version," the company said.

The decision to impose the fine was taken by FKTK at a meeting on August 16 but not announced by FKTK until four days later, with the suspension of PNB banka's operations taking up its time in the meantime. 

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