Riga Waterfront investor linked to Danish money laundering conviction

An investigation by LTV’s “de facto” program and the European Broadcasting Union has identified Jovan Haji Osman, a Syrian national living in Dubai, as an investor in the “Riga Waterfront” real estate project. Osman previously pleaded guilty in Denmark in 2023 to laundering over 65 million Danish kroner (approximately 8 million euros) using the informal “hawala” money transfer system.

Osman is linked to the project through “Riga Waterfront Investment Holdings,” which manages funds from over 30 international co-owners. Each investor contributed 100,000 euros, a threshold required under immigration law to apply for a residence permit. In exchange, investors receive Class B shares that do not grant voting rights or dividends.

Representatives for “Riga Waterfront” stated that all transactions are conducted through licensed banks and that the origin of funds is verified, though they declined to comment on whether investors seek residency through these contributions. The Office of Citizenship and Migration Affairs (PMLP) stated it cannot confirm if Osman has obtained a Latvian residence permit, noting that while a criminal record is grounds for refusal, the agency lacks the capacity to check criminal records across all EU member states.