Gunārs Šterns, a Latvian Australian who passed away in June 2016, bequeathed to the foundation AUD 5 million which is equal to more than €3 million.
The Vītols Fund said that it was the largest donation in its history and confirmed support to the foundation's goal, namely that of helping Latvia-educated young people who are capable of building a successful future for their country.
The Vītols Fund, registered on April 4, 2002, was established by Vilis and Marta Vītols. The foundation grants and administrates scholarships with the aim of helping hard-working, talented, but poor young people to study at the universities of Latvia.
According to Firmas.lv business information website, in 2017 the Vitols Fund saw its turnover drop 15 percent year-on-year to €1.6 million and its profit declined 64% to €351,522.