"At the moment, there are no grounds to keep him in custody," Raitums' attorney Aleksandrs Berezins told LETA, explaining that investigators had apparently determined Raitums' role in the case.
The attorney also said that restrictions had been imposed on Raitums, but declined to elaborate.
Berezins also said he could not comment on the criminal case, but he did say that Raitums was being implicated in an extortion and money laundering scheme.
Janis Rozenbergs, attorney for insolvency administrator Maris Spruds who has also been detained in the case, told LETA that he, too, had asked the prosecutor in the case that Spruds be released from custody. However, the petition has not yet been reviewed and Spruds is still remanded in custody.
As reported, Raitums, Spruds, and another two insolvency administrators - Ilmars Krums and Nauris Durevskis - were detained by the police on Friday.
LETA has information that the Economic Crime Department is investigating two criminal cases. In one, Spruds and Krums are facing extortion and money laundering charges, while Durevskis is a suspect in the other criminal case, although it is unknown at the moment what he is suspected of.
At the moment, Krums is insolvency administrator at Trasta Komercbanka. TV3 new program Neka Personiga (Nothing Personal) reported last year that during the liquidation process, Krums had spent almost 7 million eruos on various services, and the bulk of that amount went to Krums himself. Recently the broadcast reported that Krums may have failed to observe a court decision, and the Economic Crime Department opened an investigation.
Spruds has in the past been involved in a number of major insolvency processes that came under media scrutiny for various incongruities. Spruds has worked with Durevskis, while Raitums made the headlines after he was detained by the Corruption Prevention Bureau when the bureau was investigating a criminal case on unlawful donations to political parties. The other persons detained in that case were then Jurmala Mayor Gatis Truksnis (Greens/Farmers) and millionaire Julijs Krumins.
Krums is a member of the council at Latvian Administration of Certified Insolvency Procedure Administrators, while Spruds works on the administration's board.
The case has focused public attention on the extremely lucrative work of insolvency administrators and, in some cases, their ties to politicians and other businesspersons.