| Emitents | Latvijas kuģniecība, AS (48510000VYR04HZGC213) |
| Veids | Būtiski notikumi |
| Valoda | EN |
| Statuss | Publicēts |
| Versija | |
| Datums | 2010-10-29 16:16:19 |
| Versijas komentārs | |
| Teksts |
JSC „Ventspils nafta” deliberately tries to bring a subsidiary of JSC „Latvijas kuģniecība” to insolvency Public JSC “Latvijas kuģniecība” (LSC) shareholder JSC
“Ventspils nafta” (VN) shall be held responsible for the limited
solvency problems of the LSC subsidiary company “LASCO Investment”
Ltd, since the irresponsible and unprofessional activities of the
VN management have caused losses to shareholders of both public
joint stock companies and in the result can lead to insolvency of
“LASCO Investment” Ltd (LI).
It is the categorical unwillingness of the VN to
consider the actual economical situation and to review provisions
of the real estate purchase transaction concluded two years ago
between VN and LSC subsidiary company “LASCO Investment” Ltd that
was the reason for commencement of “LASCO Investment” Ltd
out-of-court legal protection process. “LASCO Investment” Ltd has
already paid to VN the largest part of the sum that exceeds EUR 76
million allowing the VN shareholders to receive dividends in
amount of LVL 50 million at the end of 2009, which in the result of
the said transaction could not be claimed by the LSC
shareholders.
“The incompetence and cynicism of the VN management
disregarding the actual situation of its own associated company’s
subsidiary is incomprehensible. Perhaps VN is not aware of the fact
that VN and LSC are interrelated and that difficulties experienced
by one company automatically reflect on operational results of both
companies causing losses to investors of both public joint stock
companies?” pointed out LSC Management Board member Mr. E.
Bērziņš.
To the repeated „LASCO Investment” Ltd requests and
proposals to find a solution that would be beneficial and objective
to all parties and would guarantee operation of the company in long
term and would efficiently eliminate its liquidity problems, JSC
„Ventspils nafta” has answered only with an invitation to prolong
the transaction term until the end of 2010. In fact thereby VN
carries on misleading of the shareholders and even the Financial
and Capital Market Commission, as the documentation indicates about
entirely different situation – actually VN still maintains its
notifications sent to LI on 08 March 2010 about repayment of debt
and notice on enforcement of the pledge (see attached VN notice on
enforcement of the pledge of 08 March 2010). In this
situation the proposal to prolong the term is absurd as it does not
solve the endangered solvency of “LASCO Investment” Ltd caused by
VN, nor its further existence.
LI and LSC have repeatedly pointed out that considering the
economic situation in Latvia and impact on the real estate market
caused by recession the only possibility to complete this
transaction is restructuring of the transaction by reduction of the
purchase price for the unpaid part of the purchase fee. VN has
recognized these facts in its press release published on 28 October
2010 mentioning that recovery of the debt from LI is related to
“resumption of activities in the Latvian real estate
market”. Yet VN stubbornly continues putting pressure on LI as
well as LSC, forgetting about liability that is foreseen by
legislation of the Republic of Latvia for bringing a company to
insolvency.
Additional information:
Ģirts Apsītis
Adviser of the Chairman of the Management Board
Latvian Shipping Company
Phone: +371 67020126
E-mail : ir@lscgroup.lv
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