JSC Ventspils nafta (VN) has decided to use its shareholder’s rights prescribed by the Commercial Law and request the Board of JSC Latvijas Kugnieciba (LK) to supplement agenda of the shareholders’ meeting to be held on December 17, 2010 with new issues.

On Monday, November 22, VN and its attorneys have sent a written request to LK Board to supplement agenda of shareholders’ meeting to be held on December 17, 2010 with several issues – recalling of audit committee and appointment of new audit committee, as well as bringing of actions against LK Board Members for unfair gains and for coverage of losses caused to LK, as well as against LK Board Members Imants Sarmulis, Edvins Berzins, Andris Linuzs and Raivis Veckagans for coverage of losses caused to LK.

VN has also recalled its proposal of January 25, 2010 to LK Board for reduction of the number of Supervisory Council Members, as it was already publicly reiterated by VN before, and has submitted to LK Board a new proposal for amendments to the Articles of Association envisaging broadening of Council’s competences regarding supervision of matters referring to Board’s activities and broadening of the scope of matters that LK Board must coordinate with the Council of the Company. In the view of recent transactions of LK Board, about the usefulness and consistency with LK interests of which VN has already expressed its concerns several times, VN considers crucial the need to change LK management.

VN requests LK Board to supplement agenda at the latest within fourteen days before the meeting, as it is prescribed by the Commercial Law. VN has informed LK Council, auditor of SIA Ernst & Young Baltic, Financial and Capital Market Commission, as well as Enterprise Register of the Republic of Latvia about additional issues to be put on the agenda.
 

Ventspils nafta

Zane Bojāre
JSC „Ventspils nafta” PR Manager
E-mail: zane.bojare@vnafta.lv
Phone.: 67821691; 29706733