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LSC: CORRECTION: JSC “Latvijas kuģniecība” is forced to postpone shareholders' meeting; sabotage possible

Spekuliantai.lt | 2010-12-17 | NASDAQ OMX biržų naujienos | perskaitė: 1377
Raktiniai žodžiai: Latvijas kugnieciba, LSC
LSC: CORRECTION: JSC “Latvijas kuģniecība” is forced to postpone shareholders' meeting; sabotage possible

Latvijas kugnieciba Decisions of extraordinary general meeting 17.12.2010

CORRECTION: JSC “Latvijas kuģniecība” is forced to postpone shareholders'
meeting; sabotage possible



comment: english translation added.

Joint stock company „Latvijas kuģniecība” (LK) apologizes to its shareholders
and informs that because of emergency conditions due to which the shareholders'
meeting of 17 December 2010 cannot be held, the LK extraordinary shareholders'
meeting tomorrow will not take place and is postponed to 28 January 2011. LK
carries out all necessary activities to inform all its shareholders about the
emergency situation through a wide range of mass media - TV, radio, Internet
and printed media. LK cannot exclude possibility of deliberate malevolence to
intrude upon proper course of the shareholders' meeting at the venue duly
announced by the LK Management Board. That is suggested by suspicious
coincidences when during the last twenty-four hours emergency situations have
occurred in several LK Groups companies.

To serious long-term damages of electric power supply devices on 16 December
2010 due the previously announced LK extraordinary shareholders' meeting in the
conference and recreation centre “Lejastiezumi”in Renda Rural Municipality,
Kuldīga district on 17 December 2010 shall not take place. LK extraordinary
shareholders' meeting is postponed to 28 January 2011, and will be held in
Ventspils Business Centre, 23 Ostas Street, Ventspils. Extraordinary
shareholders' meeting shall begin at 10:00 AM, registration of shareholders -
from 9.45 AM. Agenda of the meeting will include all the previously announced
issues: approval of annual reports for the year 2009; distribution of the
profit for the year 2009; election of the auditor for the audit of the annual
reports for the year 2010; approval of amendments to the Articles of
Association; election of Supervisory Council; recall of audit committee and
election of a new audit committee.

Information available to LK states that several persons in crossovers this week
visited the venue of the planned shareholders' meeting and were inquiring,
whether the conference centre territory is perimeter guarded and has night
vision surveillance cameras. These visits were obscurely followed by sudden
damage of the electric power supply devices disconnecting the venue of the
meeting from all kinds of communication and causing suspicion of a deliberate
sabotage.

But in Riga, in another property of the LK Group - business centre “Daugava”,
at 3 Balasta dambis, yesterday, late on 15 December 2010 the fire-alarm was
activated and burning was stated. Police and fire brigade were called
immediately. At the moment the LKsecurity department is assigned to carry out
official inspection of both mentioned accidents in order to decide upon
necessity to appeal to law enforcement institutions.

In this context the inadequate authorisation granted to LK largest
shareholder's JSC “Ventspils nafta” (VN) authorised representative Lauris Liepa
that does not comply with provisions of the Civil Procedure Law of the Republic
of Latvia, and was used to try to achieve involvement of large LK financial
resources in legal proceedings against LK Supervisory Council and Management
Board members looks ambiguous. We would like to emphasize that in case of
bringing of an unjustified action LSC would have to repay all losses resulting
from such case, starting with state duty of more than LVL 170 000. Bureau of L.
Liepa represents interests of the former LK Management Board member Valērijs
Godunovs, who is a suspect in defrauding LK of approximately USD 100 million
and a companion of former LK Supervisory Council member Oļegs Stepanovs who is
involved in the said case. Unofficial information states that V. Godunovs,
likely, is promoted by VN to a position in the LK. VN, whose largest
shareholder publicly calls itself an international and honourable investor has
not deemed necessary to observe the stock exchange Principles of Corporate
Governance and to nominate and publish its candidates to the LK Supervisory
Council in due time. VN has neither made public its candidates to the audit
committee.

We would like to remind that one of the suspicious candidates to the LK
shareholder's status is the offshore company “International Baltic Investments
Ltd.” (IBI) that claims to be LK shareholder and regarding the property rights
to the LK shares of which an action has been brought. LKhas already informed
that the United Kingdom's High Court of Justice, Queen's Bench Division,
Commercial Court in May 2010 ruled that a number of offshore companies,
connected with former JSC “Latvijas kuģniecība” officials, that are defendants
in a case in which they are accused of defrauding LK of approximately USD 100
million must post security in the amount of USD 40 million, or make over more
than 55 million LK shares in favour of LK and pay an additional USD 20 million
as security for the claim being brought against them by LK. The ruling by the
British High Court applies to the confiscation of LK shares on behalf of LK
which are currently nominally held by IBI, which is connected to Mārtiņš Kvēps
and Arnis Nīcgalis, the attorneys of Oļegs Stepanovs,

LKalso reminds that its largest shareholder is VN, not the Vitol Group that is
related to the Cyprus offshore company “Euromin Holdings (Cyprus) Limited” and
has usurped the rights to speak on behalf of all VN shareholders and today has
spread public statements doubting the chosen venue for the LK shareholders'
meeting at “Lejastiezumi”. LK categorically stands apart from these statements
and informs that formerly this conference centre was owned by VN and VN has
held several of its shareholders' meetings there. After conclusion of the VN
real estate object sales transaction with LK this centre belongs to LK, and the
meeting was organised there with the aim to save LK financial resources.
Ventspils Business centre where in January next year it is planned to hold the
shareholders' meeting also belongs toLK and was chosen due to money-saving
purposes.

The registration time at the venue of the meeting was chosen by analogy with
the LK shareholder's VN determined time limit in its own shareholders' meetings
that up to now has been sufficient for registration of all shareholders.




Additional information:

Ģirts Apsītis

Adviser of the Chairman of the Management Board

Latvian Shipping Company

Phone: +371 67020126

E-mail: [email protected]

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