Former Latvian Central Bank Governor Sentenced for Bribery and Connections to Russia

Jūrmala, Latvia – In a verdict that has sent shockwaves through Latvia's financial system, Ilmārs Rimšēvičs, former governor of the Bank of Latvia, was sentenced to six years in prison for bribery, including accepting a fishing trip to Russia from shareholders of a now-defunct bank. This significant ruling by the Riga District Court in Jūrmala on December 20, 2023, not only underscores the gravity of corruption within the Latvian banking sector but also highlights potential international implications, particularly with Russia.

Rimšēvičs, who was at the helm of the Bank of Latvia from 2001 until 2019, faced charges of accepting a bribe and other material inducements. His conviction, which also includes the reception of inappropriate gifts like the aforementioned fishing trip, paints a complex picture of the corruption issues in Latvia. Along with Rimšēvičs, businessman Māris Martinsons was also sentenced to five years of imprisonment, with both facing substantial property confiscation.

The court has ordered the confiscation of Rimšēvičs' assets, which include around €25,000 in various accounts, a residential building near Rīga, an apartment in Jūrmala, and real estate in Jūrkalne parish. For Martinsons, property worth approximately €175,000 will be seized.

Further to this, the court has mandated the collection of €3.1 million and the confiscation of property from SIA MM investīcijas, a company embroiled in the bribery case. Separate proceedings have been initiated against Viktors Ziemelis, a former board member of "Trasta komercbanka," for allegedly providing false testimony.

Despite the court's verdict, Rimšēvičs maintains his innocence and has expressed his intent to appeal the decision. His 2018 arrest by the Corruption Prevention and Combatting Bureau (KNAB) garnered international attention, particularly due to its potential Russian connections and the broader implications for Latvia's banking sector.

This sentencing not only marks a significant step in Latvia's fight against corruption but also raises questions about the influence of foreign powers in the nation's financial affairs. As Latvia continues to reform its banking industry, the Rimšēvičs case will likely remain a key reference point in ensuring greater transparency and integrity in the sector.