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Justice Ministry properties sold at knock-down prices

Two pieces of valuable real estate in the exclusive Jurmala resort belonging to the Justice Ministry at suspiciously low prices, State Auditors said Tuesday.

The two properties were disposed of at approximately half their market value, auditors reported, causing a potential loss of more than a million euros to state coffers, LSM's Latvian language service reported. 

After being sold at auction, a flurry of subsequent transactions related to at least one of the properties saw it reaising its full market value within a year, auditors said.

The sales had also been against Cabinet rules prohibiting the sale of properties listed as collateral for credit agencies. 

State Auditors will ask law enforcement agencies to look into the deals and are suggesting the state draws up clearer rules governing which of its properties are profit-making and which incur serious losses.

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