OREANDA-NEWS. April 21, 2008. Aigars Kalvitis, leader of the People's Party , has already invested LVL 50,000 in the newly-founded hockey club "Dinamo Riga" and is planning to invest another LVL 150,000 in the course of the year.

In an interview to the newspaper "Diena", to the question about the source of his income, because "the income declaration does not show that you would be able to pay for the "Riga Dinamo" shares", Kalvitis said "Do not worry. Those are my commitments. (..) I will earn the money."

As Kalvitis is the leader of People's Party, thus, the chairman of a political force, and now also one of the co-founders of a private hockey club, where the biggest share holder is Russia, when asked if this situation does not put him in a conflict of interest situation, Kalvitis replied that "the hockey club is a completely separate business project through which "Itera Latvia" expects to earn profit".

"There are no agreements that would be related to my work. I deny any conflict of interest. This is a purely hockey project," politician said. "People's Party - Gas Party. This is all nonsense."

As reported, "Itera Latvija" has acquired the largest stake, 39.02 percent, in "Dinamo Riga", which was formed as a joint-stock company for eligibility in the Continental Hockey League (CHL), according to data from the Registry of Enterprises' "Lursoft" database. "Itera Latvija" is subsidiary of the Russian company "Itera", and one of the major investors in the gas sector in Latvia.

The second biggest "Dinamo Riga" shareholder with 12.2 percent share is entrepreneur Viesturs Koziols. Kalvitis, businessmen Kirovs Lipmans and Gunts Ravis, as well as the director of "Itera Latvija" Juris Savickis, each hold 9.76 percent of shares. Aldis Paunins and ex-President Guntis Ulmanis each own 9.76 percent of "Dinamo Riga" shares.

It must be noted that the data on "Dinamo Riga" shareholders has an informative function and no legal power. Submitting the list of shareholders to the Registry of Enterprises is not obligatory, therefore precise information about the shareholders is only available at the joint stock company itself or, when public joint-stock companies are concerned, at the Central Depository of Latvia.

As reported, "Dinamo Riga" share capital is LVL 2,050,00
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Koziols is listed as chairman of the board, the company's board also includes Rolands Broliss and Armands Simsons. Ex-President Ulmanis is "Dinamo Riga's" council chairman, and Lipmans and Savickis are his deputies. The council also includes Paunins and Krists Freibergs.