Man convicted of money laundering in Denmark invested in Riga Waterfront project

An investigation by Latvian public broadcaster LTV's programme "de facto", conducted in cooperation with the EBU's investigative journalism network, has revealed that one of the investors in the Riga Waterfront real estate development project is a Syrian citizen residing in Dubai who was convicted in Denmark several years ago in a large-scale money laundering case.

Migration authority stays silent

Latvia's Office of Citizenship and Migration Affairs (PMLP) has not disclosed whether this investor obtained a residence permit in Latvia. However, journalists note that the structure of his investment in the project suggests that acquiring residency rights may have been among his objectives.

Background to the findings

The revelation stems from an international journalistic collaboration involving the EBU's investigative network. The case raises questions about how thoroughly foreign investors in Latvian real estate projects are vetted, particularly in instances where an investment may be linked to obtaining a residence permit in the country.

It remains unclear what official response, if any, the relevant institutions have given to these findings, or whether further scrutiny of the investor's activities and the legality of the investment in Latvia will follow.