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LSC: CORRECTION: Fearing from results of the court proceedings in the large-fraud case by force tries to take over JSC “Latvijas kuģniecība” (Latvian Shipping Company (LSC))

Spekuliantai.lt | 2010-10-08 | NASDAQ OMX biržų naujienos | perskaitė: 1482
Raktiniai žodžiai: Latvijas kugnieciba, LSC
LSC: CORRECTION: Fearing from results of the court proceedings in the large-fraud case by force tries to take over JSC “Latvijas kuģniecība” (Latvian Shipping Company (LSC))

Latvijas kugnieciba Company Announcement 08.10.2010

CORRECTION: Fearing from results of the court proceedings in the large-fraud
case by force tries to take over JSC “Latvijas kuģniecība” (Latvian Shipping
Company (LSC))

Information available to JSC “Latvijas kuģniecība” allows to come to a
conclusion that the illegitimate plans to take over the company and its assets
by force have originated within the group of shareholders, who are involved in
the LSC defrauding schemes and who in the interests of “Vitol Group” are
represented by the JSC “Ventspils nafta”, but in the interests of former member
of the LSC Supervisory Board Oļegs Stepanovs - by company „International Baltic
Investments” (“IBI”).

According to the most recent information received from United Kingdom, where
the final stage of the LSC initiated court proceedings about defrauding of more
than USD 100 million from LSC is being held, both “Vitol” and “IBI” are
interested in taking over of LSC in order to attempt to prevent the unpleasant
and inevitable consequences that they will face along conclusion of the court
proceedings already in the nearest future.

Yesterday, on 7 October 2010 lawyers of the LSC submitted to the United
Kingdom's High Court of Justice, Queen's Bench Division, Commercial Court a
supplement to the case of defraud of USD 100 million, asking to appoint as
defendant along with several offshore companies also an individual person -
former member of the LSC Supervisory Board Oļegs Stepanovs. During the court
proceedings in the United Kingdom it was found that companies of the “Vitol
Group” that is co-owner of the LSC shareholder JSC “Ventspils nafta” have been
involved in the large-fraud case as clients of the former LSC fraudulent agent
firms and have illegally received several millions dollars from LSC. These
facts recently came to light in the London High Court after LSC changed its
representing Law office in United Kingdom to another Law office from the same
country.

LSC has already informed that defendants have admitted defraud of assets from
LSC, but against the court ruling did not post the security in amount of
several millions US dollars, thus losing their rights to further litigation and
are actually found guilty; the court continues to decide upon recovery of
particular sum for the benefit of LSC. In the legal proceedings which were
brought in the United Kingdom at the behest of LSC, the defendants consist of
five offshore companies - “Recoletos Limited”, “Romanica Overseas Limited”,
“Skeena Overseas Limited”, “Luzero Limited” and “Chandler Limited”, which are
linked to former LSC officials including Oļegs Stepanovs, Valērijs Godunovs and
Alvis Akmens, and which are the defendants accused of unlawfully concluding
more than 60 ship chartering transactions for artificially low rates from 2003
- 2005, thus inflicting losses in the amount of USD 100 million on LSC. During
the course of legal proceedings, the representatives of the defendants have
admitted that approximately USD 12.5 million dollars have been spent on bribes
to companies in Russia, Ukraine and Belarus to ensure the successful
implementation of the fraud scheme.

In turn, criminal proceedings have been brought in Latvia regarding these
unlawful transactions in which several former senior LSC employees have been
classified as suspects. As the management of LSC was informed recently by
representatives of its shareholder JSC “Ventspils nafta” two senior managers of
“Vitol Group” Paul Mulholland and Jeffrey Martz have received summons from
Latvian law enforcement bodies to give explanations.

The aforementioned information indicates evident illegal business connections
between the accused LSC officials and “Vitol Group”, as well as most likely
explains the attempts of this group of shareholders to ignore the rights of the
Latvian government to manage its property - LSC shares - in the company's
Supervisory Council.

JSC „Latvijas kuģniecība” reminds to its shareholders, stock exchange JSC
“NASDAQ OMX Riga”, securities commission and law enforcement bodies that the
JSC “Latvijas kuģniecība” extraordinary shareholders meeting that was due to be
convened on 08 October 2010 will not take place as it has been postponed to 17
December 2010. The management Board of JSC „Latvijas kuģniecība” indicates that
it has not drawn up a list of shareholders for the extraordinary shareholders
meeting of 08 October 2010, thus any attempts to hold the JSC „Latvijas
kuģniecība” shareholders meeting are to be regarded as illegal.

JSC “Latvijas kuģniecība” reminds that the planned extraordinary shareholders
meeting was postponed taking into account the explicit objections of one of the
shareholder's - state of Latvia - representative State Social Insurance Agency
against amendments to the JSC “Latvijas kuģniecība” Articles of Association
that were proposed by JSC “Ventspils nafta” and included in agenda of the
meeting, and that according to the Agency's opinion foresee outright ignorance
of the state interests and thus coarsely breaches the JSC “Latvijas kuģniecība”
Privatisation Regulations. State Social Insurance Agency has requested to not
to permit review of such illegitimate amendments and discrimination of the
state interests. A similar position in the notification that was released
yesterday, 6 October 2010, to the Prime Minister and the Minister of Economics
expressed the Minister of Welfare appealing to the government officials not to
permit even the possibility to review such illegitimate amendments to the
Articles of Associations that endanger the state interests.

Management Board of the JSC “Latvijas kuģniecība” will continue its operation
in order to ensure execution of all shareholders' interests pursuant to
provisions of the law and other regulations.

JSC „Latvijas kuģniecība” addresses all responsible Latvian institutions and
officials inviting them to stop and not to permit spreading of the so-called
“black rider” business methods in Latvia, when several shareholders or a group
of shareholders without any legal justification take over a company that
belongs to all its shareholders, as it has happened, for example, in the case
of JSC “Ventbunkers” and as it regarding the JSC “Latvijas kuģniecība” is
intended by representatives of both the “Vitol Group” and O. Stepanovs.



Further information:
Ģirts Apsītis
Adviser of the Chairman of the Management Board
JSC „Latvijas kuģniecība”
Phone: 67020126
E-mail: [email protected]

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