OREANDA-NEWS. October 15, 2010. Joint Stock Company „Latvijas kugnieciba” (Latvian Shipping Company (LSC)) repeatedly emphasizes that, on 8 October 2010 the extraordinary shareholders meeting did not take place. None of the Company’s shareholders had arrived to the meeting, and Chairman of the Management Board of the LSC shareholder JSC “Ventspils nafta” Simon Boddy has publicly confirmed that he did not participate in the meeting, stating that JSC “Ventspils nafta” sat out the meeting. That means – that if anyone now or in the nearest future would claim that such a meeting has been held someplace it will be regarded as a lawless action.

The JSC “Latvijas kugnieciba” shares that at the moment are in nominal possession of the shareholder, who claims itself to be one – company „International Baltic Investments“ (IBI) have been arrested. It has been confirmed by an official announcement that the JSC “Latvijas kugnieciba” has received from the Economic Police.

JSC “Latvijas kugnieciba” 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 kugnieciba” 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 kugnieciba” Privatization Regulations.

Management Board of the JSC “Latvijas kugnieciba” will continue its operation in order to ensure execution of all, more than 5000 company’s shareholders’ interests pursuant to provisions of the law and other regulations.