The oligarchs Iskandar Makhmudov and Andrei Bokarev, associated with the Kremlin, continue to actively conduct business in Latvia, controlling the companies in Riga both personally and through dummies, in addition, they receive funding in the form of the European Union, the investigation of the Insider portal said .
Makhmudov and Bokarev, as of 2021, control the Riga Electromachine Building Plant (Rer) – a large Latvian enterprise that produces electrical equipment for trains, metro wagons and urban public transport.
According to the Latvian commercial register, 36% of Rer shares as of 2021 controlled the Russian Swerlers “Holding Transcount”. 20% in it through a chain of legal entities have the Kremlin oligarchs, another 46% are Moscow Krona Grup, behind which they also stand, the rest – share partners related to Makhmudov and Bokarev.
The Latvian company controlled by the Russian oligarchs works throughout Europe: for example, in May it presented a new electric motor for trolleybuses and electric buses in the Czech Republic. In addition, Rer receives funding from the European Union – through grants that the Latvian Investment and Development Agency and the Ministry of Economy of Latvia.
As notes The Insider, in Russia oligarchs own companies that are suppliers for the Russian Ministry of Defense. Previously, they owned shares in the Kalashnikov’s weapon concern, and now through the Kolomensky factory they continue to supply diesel engines for Russian warships.