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LSC: Freezing Order on Lembergs Assets still in place

Spekuliantai.lt | 2012-07-13 | NASDAQ OMX biržų naujienos | perskaitė: 1498
Raktiniai žodžiai: Latvijas kugnieciba, LSC
LSC: Freezing Order on Lembergs Assets still in place

Latvijas kugnieciba Company Announcement 13.07.2012

Freezing Order on Lembergs Assets still in place

Riga, 2012-07-13 09:14 CEST (GLOBE NEWSWIRE) -- “Latvian Shipping Company’s
claims against Aivars Lembergs (among others) are still continuing”, stresses
Simon Blaydes, Chairman of the Management Board of Latvian Shipping Company.
“As we have said before, these cases may take several years before final
decisions are reached and Latvian Shipping is able to recover the financial
assets lost through fraudulent charter schemes and other activities which have
removed cash and other assets from Latvian Shipping and her shareholders, who
include the Latvian State."

Simons Blaydes emphasises that "On current evidence, Aivars Lembergs, his
family and associates appear to have been among the main beneficiaries of these
activities, which cover an extended period up to the end of 2010. There are
likely to be a great many court hearings in relation to these matters in the
coming years, across various jurisdictions, including not only the UK, but also
in various off-shore locations".

"Whilst this week’s judgment casts doubt upon the ability of the UK Courts to
exercise jurisdiction in respect of this particular claim against Aivars
Lembergs personally, it certainly does not clear him of any involvement in the
fraud at the centre of this case. Indeed, the judge held that, based on the
facts presented, the claimants had a case of sufficient strength against Mr
Lembergs to enable it to proceed. This reaffirms all of the previous decisions
on this case in the High Court in London." In the meantime, the worldwide
freezing order over the assets of Aivars Lembergs remains in place.

Simon Blaydes, Chairman of the Management Board of Latvian Shipping Company
explains the current position of the company as follows: “Latvian Shipping
Company is reviewing the position with its legal advisers, but our intention is
to appeal this decision and to continue the efforts to recover the lost
financial assets from Aivars Lembergs, his family, associates and others. This
may well involve the initiation of new claims in relation to other illegal
schemes of more recent origin which are not yet before the courts."

"Ultimately, we are positive that Latvian Shipping Company, which is partly
owned by the Latvian State Social Insurance Agency, will succeed in recovering
these financial assets from those responsible,” says Mr Blaydes.

About JSC “Latvijas kuģniecība” (Latvian Shipping Company)

In the medium-sized and handy tankers categories JSC „Latvijas kuģniecība”
(NASDAQ OMX RIGA: LSC1R) is among the leading ship owners in the world, and
in terms of transport volumes of petroleum products it is also in a leading
position among similar companies in Northern Europe. It owns 20 modern ships,
employing more than 700 professional and highly qualified seamen from Latvia.
The total carrying capacity of the LK fleet is 957 974 DWT and the average age
of the fleet is 5.5 years. All ships have received ISM (International Safety
Management) certificates.


Ilze Nagla
Public Relations Manager
JSC “Latvijas kuģniecība”
Tel.: 29267454, 67715914
E-mail: [email protected]

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