Rīga shipyard fined, told to file accounts immediately

Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) said January 16 it had imposed a fine of EUR 10,000 on JSC "Rīgas kuģu būvētava" (Riga shipyard) for violation of the Financial Instruments Market Law and ordered it to immediately publish financial information for the first nine months of 2019.

"The said penalty is imposed because JSC “Rīgas kuģu būvētava” has not complied with the requirements of the Financial Instruments Market Law to file audited financial statements for 2018 and interim financial statements for the first nine months of 2019, in violation of Section 56, Paragraph five, Section 57, Paragraph one, and Section 57², Paragraph one of the Financial Instruments Market Act.

The fine was decided on January 14 and shall be transferred to the state budget.

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