Verdict Melts Marina Bar's Profits

Marina Bar, a majority state-owned company, made a net profit of 12.395 euros last year, which is a significantly worse result than the year before when the profit was 428 thousand euros. The reason for the drop in profits is that the company lost a court case against the offshore company “Belmonte System LTD” from the Marshall Islands, to which it had to pay 738 thousand euros.

This ruling is the epilogue of several court cases lasting 14 years and dating back to the failed privatization of Marina in 2009, when the state sold 56,34 percent of the shares to a consortium of Latvian companies “SIA Multikapitals” and “Latvijas Krajbanka”. “Multikapitals” paid 222 million to the state budget as the purchase price, and 369.631 euros to the Tax Administration account for taxes and contributions for employees. The privatization failed and they sued Marina to return the money they had paid for taxes and contributions. This claim was somehow transferred to the company “Belmonte System LTD”.

By the judgment of December 25, 2024, "Marina Bar" is obliged to pay the company "Belmonte System LTD" 369.631 euros with default interest from 2010 and 2011.

Last year, Marina had operating income of 1,6 million euros, which is 125 thousand more than in 2024, as well as 421 thousand in other income (one hundred thousand more).

Operating expenses were 357 thousand, at the level of those from 2024, while salary expenses were an additional 858 thousand and they had an increase of 24 thousand compared to the previous year.

Other operating expenses were 740 thousand euros, including the payment according to the court decision. These other expenses in 2024 were 868 thousand euros.

According to the balance sheet, Marina Bar has retained earnings from previous years in the amount of 3,76 million euros. The company had cash in its account at the end of last year in the amount of 2,73 million euros.

Barska Marina ended last year without any long-term liabilities, while total short-term liabilities were 73 thousand euros.

In October 2013, the Ministry of Transport and Maritime Affairs proposed to the Privatization and Capital Projects Council to terminate the share sale and concession agreement with the companies Multikapitals and Latvijas Krajbank, which own 54 percent of the shares of the Bar Marina. Four years after privatization, it was determined that the buyers had not fulfilled their obligations regarding the contracted investments.

The consortium then initiated arbitration against the state in Vienna, which was dismissed because, among other things, it was found that the buyers had falsified part of the documentation.