Shareholders of “Riga Shipyard” approve the new Council, Board and development goals

On Friday, 25 April, the annual shareholders’ meeting of joint-stock company “Riga Shipyard” (Rīgas kuģu būvētava) took place. It reviewed the company’s annual results of 2013, as well as answers to shareholder questions, including about the internal audit of the company, which is still on-going. The aim of the audit is to identify possible financial violations, which may have been committed by some of the former members of the Council and Board of “Riga Shipyard”.

There is a legal dispute between “Riga Shipyard” and several contractors, which is being dealt with by the court in the order set out in law. The dispute was caused by reasonable suspicions that contractors have not fully completed a number of works.

        The shareholders’ meeting confirmed that the company is not experiencing liquidity problems and is capable of covering its commitments to its creditors.

        Vasilijs Meļņiks stepped down from the post of Chairman of the Board of “Riga Shipyard” and was instead elected as the Chairman of the Council. Henceforth, he will be in charge of the strategic development of the company.

“The work of the Council is more focused on everyday organisational issues. I was forced to spend the past two years on business trips attracting new partners and seeking possibilities to develop new prospective projects. Now I will be able to use all of my experience and energy in implementing new operational directions of “Riga Shipyard” – participation in the construction of oil and gas drilling systems, participation in assembly of parts of drilling platforms, construction and delivery of patrol vessels,” says Meļņiks, Chairman of the Council of “Riga Shipyard”.

For the first time a representative of the minority shareholders has also been elected to the Council, and this post will be held by attorney Linards Baumanis. “This is clear proof that the company is willing to work transparently and will take into consideration the interests of all of its shareholders. We hope to have successful cooperation with all of the members of the Council,” Meļņiks said.

        The Council formed a new Board, which will be chaired by the well-known entrepreneur Jānis Skvarnovičs.

“Riga Shipyard” has actively begun the new season – ships from Scandinavia and Cyprus are being repaired, new contracts for ship repairs are being signed. As previously reported, a protocol of intent was recently concluded on cooperation with a Singaporean company, which will allow “Riga Shipyard” to participate in the construction of oil and gas drilling systems in its territory.

The newly elected Council consists of Gaidis Andrejs Zeibots, Vasilijs Meļņiks, Valentīna Andrejeva, Aleksandrs Čerņavskis and Linards Baumanis.

Meanwhile the Board consists of Jānis Skvarnovičs, Vladislavs Blūms, Einārs Buks, Rolands Klincis and Jekaterina Meļņika.

Board of JSC “Riga Shipyard”