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The State Audit Office of Latvia has audited the implementation of the recommendations provided in the 2021 audit regarding the state supervision of the investment made in airBaltic during COVID-19 pandemic. Conclusion is that there sufficient actions have not been taken at any of the supervision levels, id est, the Ministry of Transport, the airBaltic Council, the Cabinet of Ministers, which would facilitate the return of the state investment potentially.
The Cabinet of Ministers has not established a special procedure for managing the risk of return on investment, as suggested by the State Audit Office of Latvia in 2021.
The State Audit Office of Latvia calls on the Cabinet of Ministers to strengthen the supervision of the state-owned shares of airBaltic urgently by transferring possibly it to another ministry or competent institution to mitigate risks to the state budget.
Some information in the public version of the interim audit report has been classified based on the request of Air Baltic Corporation AS to designate it as restricted access to protect commercially sensitive information.
