Zaķis confirmed that Rigas Satiksme has received the decision of the Competition Council.
The fine has been imposed for illegal agreement in relation to this procurement, according to the competition watchdog.
The council told LSM that the fine is related to price fixing between Rigas Satiksme and Rīgas mikroautobusu satiksme (RMS), which has been servicing Riga's minibus routes since 2013.
While RMS was fined €87,900 and told to adjust ticket prices based on their real cost, as opposed to the price fixed in the agreement.
Rigas Satiksme will appeal the ruling of the council, said the company's representative Elīna Epalte-Drulle.
The city of Rīga has set ticket prices below their cost to the company, said Emīls Jakrins, board member at Rīgas satiksme. It is the view of the company that the city should have unified public transportation costs and that Rigas Satiksme regularly asks their subcontractor for cost analysis, he said.
Jakrins did not however disclose when was the last time such analysis was carried out.
RMS is the sub-contractor of the Rīgas Satiksme municipal public transportation company. RMS has been servicing Riga's minibus routes since 2013.
(The story was updated with comments by Rīgas Satiksme representatives.)