As stated by the VN annual report for 2009 that has been drawn up pursuant to the Annual Accounts Law of the Republic of Latvia the public joint stock company „Ventspils nafta“ (VN), whose largest shareholder is an offshore company operating in Cyprus - „Euromin Holdings (Cyprus) Limited“, obviously hides important financial information related to events after accounting period of 2009. Although after the end of the accounting period a substantial set of the VN subsidiary company’s „Ventspils nafta termināls” Ltd (VNT) equity shares has changed its owner this fact is carefully held back.

 

The VN annual report for 2009 against provisions of the law and International Accounting Standards does not reveal the fact of the said events, and already for over than half a year neither the Financial and Capital Market Commission, nor the Riga Stock Exchange JSC „NASDAQ/OMX Riga” have been informed about that, thus misleading not only the market surveillance authorities, but all VN investors. The mentioned information has not been revealed to the society, as no information has been given on the VN Internet home page www.vnafta.lv, or on the VNT home page www.vnt.lv. On the contrary – both these public information sites provide information on actual ownership of 49% of the VN equity capital that misleads the investors and is in conflict with the actual facts.

 

Pursuant to information provided in the „Lursoft“ data base of enterprises already in April 2010 49% of the VN subsidiary company‘s VNT (VN owns 51% of equity shares in VNT) were expropriated from its former owner - „Euromin“, who publicly calls itself „Vitol“, for the benefit of another unknown in Latvia company „Eurotank Holding Sarl“. Since a considerable part of the VN subsidiary company’s equity shares have changed their owner these facts pursuant to requirements of the law and of the stock exchange „NASDQ/OMX Riga“, as well as principles of good governance had to be made public according to a definite procedure, as well as placing respective information on the VN Internet home page. Yet VN has not done so and has not provided any information about change of owner of the VNT equity shares, or its new owner, conditions and justification of this transaction, or impact on the VN and VNT financial results and future operation, or the benefit to the VN shareholders. Thus LK has a reason to believe that along with other VN shareholders also the LK subsidiary company and shareholder of VN - „Latmar Holdings Corporation” has been misled.

 

Since the former owner of 49% of VNT equity shares – company „Euromin“, that in the same time is the largest shareholder of VN, still has not paid to VN for purchase of VNT equity shares a sum equivalent to USD 90 million, but the owner of the said equity shares has been changed, it is unclear, how this financial issue will be solved further. Because „Euromin“ completely controls the Management Board and Supervisory Council of VN there is a serious reason to believe that information about change of the VNT owner was concealed deliberately in the interests of one VN shareholder – the company „Euromin“, completely ignoring and disregarding other VN shareholders.  

 

 

 

 

Additional information:

Ģirts Apsītis

Adviser of the Chairman of the Management Board

Latvian Shipping Company

Phone: +371 67020126

E-mail: ir@lscgroup.lv