On Monday, 3 August, with the decision of the sole shareholder JSC Latvian Shipping Company (LSC) the legitimacy of Management Board of SIA LASCO Investment has been restored. Robert Kirkup has been elected as the Chairman of the Management Board for a three-year term, but Ģirts Apsītis as the only member of the Management Board. Neither R. Kirkup nor Ģ. Apsītis directly own JSC Latvian Shipping Company shares. 

This is a legal transition procedure before the full SIA LASCO Investment solvency restoration. SIA LASCO Investment is a real estate holding and management company of the JSC Latvian Shipping Company Group. 

About the professional experience of the newly elected members of the Board 

Robert Kirkup is the Chairman of the JSC Ventspils nafta Management Board since September 1, 2013 and The Chairman of the Management Board of the JSC Latvian Shipping Company since March 1, 2014. Kirkup also holds positions in Ventspils nafta subsidiaries - he is the Chairman of the Supervisory Council of LatRosTrans Ltd, as well as a member of the Supervisory Council of Ventspils nafta termināls Ltd. In 1996 he joined the Vitol Group and has held a variety of management positions in oil, sugar and metal trading. Professional education: BA Honours Degree in Business. Mr. Robert Kirkup does not own any shares of JSC Latvian Shipping Company. 

Ģirts Apsītis has been the Advisor to the Chairman of the JSC Latvian Shipping Company Management Board since 2005 and Chairman of SIA Ardente Management Board from 2004. Professional education: Ģ. Apsītis has two master's degrees – a degree in law from the Riga Graduate School of Law and degree in economics, with honours, from the Riga Technical University. Currently, he continues doctoral studies in economics. Ģirts Apsītis does not own any shares of JSC Latvian Shipping Company. 

About JSC Latvian Shipping Company 

JSC Latvian Shipping Company (NASDAQ OMX RIGA: LSC1R) is among the biggest vessel owners in the segment of medium and handy size tankers and takes leading positions in terms of the transported amount of petroleum products among similar companies in Northern Europe. The company owns 16 modern vessels employing more than 500 professional and high-skilled seamen from Latvia. The average age of the LK fleet is 7 years. All of the vessels have received ISM (International Safety Management) certificates.