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LSC: Shareholder of JSC “Ventspils nafta” - company “Euromin” (Cyprus), deliberately wants to bring to insolvency a subsidiary company of the JSC “Latvijas kuģniecība”

Spekuliantai.lt | 2010-11-12 | NASDAQ OMX biržų naujienos | perskaitė: 1257
Raktiniai žodžiai: Latvijas kugnieciba, LSC
LSC: Shareholder of JSC “Ventspils nafta” - company “Euromin” (Cyprus), deliberately wants to bring to insolvency a subsidiary company of the JSC “Latvijas kuģniecība”

Latvijas kugnieciba Company Announcement 12.11.2010

Shareholder of JSC “Ventspils nafta” - company “Euromin” (Cyprus), deliberately
wants to bring to insolvency a subsidiary company of the JSC “Latvijas
kuģniecība”

Largest shareholder of the public joint stock company “Ventspils nafta” (VN) -
offshore company operating in Cyprus “Euromin Holdings (Cyprus) Limited” that
publicly calls itself a company of the “Vitol” Group, implements aggressive
policy aimed at deliberate destruction of the JSC “Latvijas kuģniecība” (LK)
subsidiary company “LASCO Investment” Ltd. It was clearly stated by the
“Euromin” activities during the VN regular shareholders' meeting of 11 November
2010, when the said shareholder maliciously used its majority in VN and was the
only one who voted against recall of the Management Board and Supervisory
Council controlled by “Euromin”, as well as against restructuring of the
transaction with “LASCO Investment”.

Although the LK subsidiary company “Latmar Holdings Corporation” that in the
same time is shareholder of VN, within the term and according to procedure
prescribed by law had submitted to the Management Board of VN all necessary
documents and shareholders title-deeds in order to include the issue about
recall of the Management Board and Supervisory Council, as well as
restructuring of the said transaction in agenda of the VN shareholders' meeting
of 11 November 2010, the VN Management Board controlled by “Euromin” failed to
do so, thus breaching provisions of the Commercial Law. Only after a repeated
application submitted by “Latmar” to chairman of the VN shareholders' meeting
at the venue of the meeting the issues were finally reviewed.

We would like to emphasize that only “Euromin” voted against recall of the
Management Board and Supervisory Council controlled by “Euromin”, as well as
against restructuring of the transaction with “LASCO Investment”, although
97.5% of the VN voting share capital was represented in the meeting with
participation of 14 representatives of various shareholders.

The action of “Euromin” once more demonstrates the actual goals of this VN
largest shareholder that obviously are aimed at deliberate destruction of the
LK subsidiary “LASCO Investment”, and this time motivation of “Euromin” has
been proved by actual evidence during the VN shareholders' meeting. We would
like to remind that pursuant to legislation of the Republic of Latvia
deliberate bringing of a company to bankruptcy is a criminal act.

LK has repeatedly indicated that the LK shareholder VN shall be held
responsible for the limited solvency problems of “LASCO Investment” Ltd, since
the irresponsible and unprofessional activities of the VN management have
caused losses to shareholders of both public joint stock companies and in the
result can lead to insolvency of “LASCO Investment” Ltd.

It is the categorical unwillingness of the VN to consider the actual economical
situation and to review provisions of the real estate purchase transaction
concluded two years ago between VN and LK subsidiary company “LASCO Investment”
Ltd that was the reason for commencement of “LASCO Investment” Ltd out-of-court
legal protection process. “LASCO Investment” Ltd has already paid to VN the
largest part of the sum that exceeds LVL 80 million allowing the VN
shareholders to receive dividends in amount of LVL 50 million at the end of
2009, which in the result of the said transaction could not be claimed by the
LK shareholders.

To the repeated „LASCO Investment” Ltd requests and proposals to find a
solution that would be beneficial and objective to all parties and would
guarantee operation of the company in long term and would efficiently eliminate
its liquidity problems, VN has answered only with an invitation to prolong the
transaction term until the end of 2010. In this situation the proposal to
prolong the term is absurd as it does not solve the endangered solvency of
“LASCO Investment” Ltd caused by VN, nor its further existence.



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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