The Baltic Center for Investigative Journalism, Re:Baltica, and its partner Buro Media reports that a company in Daugavpils that had been identified as being owned by Belarusian businessmen has switched its ownership structure into the hands of a single Latvian citizen.
Re:Baltica previously reported on Daugavpils firm SMD Baltic in an investigation that linked it indirectly to components for Russian drones.
Siarhei Khvalko, Maksim Bohush, and Siarhei Sayavets – these three Belarusian businessmen are no longer listed as owners of SMD Baltic as of December 5.
Data from the Business Register shows that currently the sole owner is Dmitrijs Radkevičs, who is a long-time employee and the only one who had a Latvian passport.
The disappearance of Belarusians from the list of owners is reminiscent of earlier exmples in which Russian oligarchs immediately after being placed on sanctions lists changed the list of owners on paper so that their businesses would not get into trouble with banks and local authorities. However, it should be stressed that none of the above named persons are currently subject to any EU or US sanctions.
The company itself responded to the publication o Re:Baltica’s indings not only by shortening its list of owners, but also by publishing on its website a statement denying any violation of sanctions. “Our company stopped all deliveries to Russia in the fall of 2022, immediately after the introduction of restrictions. “SMD Baltic” confirms that after the introduction of sanctions, all manufactured “SMD Baltic” products, as well as components, are not supplied, exported or re-exported directly or indirectly to Russia, as well as to Belarus,” the statement says.
Meanwhile, the European Commission (EC) last week handed over to EU countries a list of almost 500 high-risk companies that had supplied large volumes of chips to Russia via third countries in 2023, and called on local authorities to investigate them.
Latvian diplomats told Re:Baltica that 4-5 of these companies might be connected to Latvia. Re:Baltica believes that SMD Baltic is not on the list.
