Raivis Veckāgans, a member of the Management Board of JSC Latvian Shipping Company (LSC) has voluntarily resigned from his position as of today, 22 October 2010. Mr Veckāgans will devote his future efforts to private business, whereas LSC has decided to conduct the search for the new Management Board member in the market of international shipping experts. The Supervisory Council of JSC Latvian Shipping Company expresses its gratitude to Mr Veckāgans for the successful performance under the difficult conditions in the international shipping market and the real estate crisis.

“This was an interesting, valuable and intense period in my life,” Veckāgans says about his work at LSC, stressing that the time has come for new challenges.

During the past year, Mr Veckāgans actively worked to achieve a revision of the terms of the transactions concluded between LASCO Investment Ltd., an LSC subsidiary, and JSC Ventspils nafta. Unfortunately, JSC Ventspils nafta, in disregard of the critical situation in the real-estate market, has shown no willingness to revise the terms of the sale transactions of its assets, and this has largely forced LASCO Investment to apply to the courts seeking legal protection proceedings, which LASCO Investment Ltd. was granted by a court order on 7 October of this year.

Further information:

Ģirts Apsītis

Advisor to the Management Board,

JSC Latvian Shipping Company