Dispute Over Riga Pharma Auction
Estonia's Magnum Group is planning to seek a reversal of the recentprivatization auction of Latvia's Riga Pharmaceutical Factory which it considered to be unfair, according to the Baltic News Service.
Insufficient Documentation ? Magnum said that the Latvian Privatization Agency had barred a Magnum Group company, Pharmainvest, from the auction, citing insufficient documentation as the reason. Magnum disputes the claim and said that the presented documents were entirely correct.
The bidding for the Riga Pharmaceutical Company was won by Aromabaltfarm, which offered to pay 5.5 million lats ($10.2 million) for a 36% stake in the Riga plant. The bid value was 30 times higher than the starting price of the shares' package of 183,600 lats.
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