Latvijas kuģniecība                                         01.03.2005.



Lawful Board of JSC Latvijas kuģniecība and its Chairman I.Vikmanis keep 

the Company operating in behalf of all shareholders



(Riga Stock Exchange note: 

Information source - Management Board elected on February 14, 2005)



The lawfully elected Board of JSC Latvijas kuģniecība chaired by Imants 

Vikmanis continues managing the company as lawfully authorized. In accordance 

with laws of the Republic of Latvia the board and chairman of the board of a 

joint stock company may be elected only by shareholders whereas the council 

elected by shareholders elects the board and its chairman respectively. 

Therefore, any decisions adopted on the weekend’s evening by the former 

chief officers dismissed from their posts have to be considered as fully 

illegal and unlawful and without any juridical effect or any other meaning 

at all.



Yesterday, on March 1st, 2005 the lawful board together with the employees of 

JSC Latvijas kuģniecība have held their joint meeting during which the 

employees have been informed about the situation found in the management of 

JSC Latvijas kuģniecība and their questions replied. The representatives of 

the board of JSC Latvijas kuģniecība have once again emphasized that they 

would continue working actively to ensure a successful operation of the company; 

the newly elected board of JSC Latvijas kuģniecība would appreciate very much 

experience high skills and support of the employees in reaching jointly-set 

goal which is to increase the value of JSC Latvijas kuģniecība. The management 

of JSC Latvijas kuģniecība has also denied any rumours spread about some 

repressive measure to be taken against the employees.



The former members of the board of JSC Latvijas kuģniecība Valērijs Godunovs, 

Alvis Akmens and Aivars Enkuzens were dismissed from their posts as above by 

the decision adopted by the Council as well as suspended from their duties 

which they had as heads of department. During the illness of the Chairman of 

the Board, Imants Vikmanis, the former chief officers adopted unlawful decisions

that would be considered as discriminating for JSC Latvijas kuģniecība as well 

as the majority of its shareholders, by trying to encroach the exercising of 

legal rights of shareholders within the company’s management as well as ignoring 

the fact that the Council of JSC Latvijas kuģniecība has not been eligible 

since December 30th, 2004. In addition, within the above period without having 

any acceptance of the eligible Council – which means without knowledge of the 

majority of shareholders, they established and publicly announced a new 

daughter company as well as undersigned some project documents to the amount 

of hundred millions of US dollars without providing any detailed information.



The new board of JSC Latvijas kuģniecība continue to be chaired by its Chairman 

Imants Vikmanis; moreover, the existing members of the board include professionals 

employed in shipping business, having knowledge of finance and law, whose education 

and business experience would be widely used to ensure the stability of operation 

of JSC Latvijas kuģniecība aiming to comply with the interests of all shareholders 

in developing and increasing the value of the Company. “We will do everything to 

increase the fleet and the value of JSC Latvijas kuģniecība, however, only by 

complying with legal provisions as well as observing interests of all shareholders, 

including Latvian State”, said Imants Vikmanis.



The Board includes also Solvita Deglava, Viktors Gavriļenko, Ilva Purēna and 

Guntis Tīrmanis. Solvita Deglava took Bachelor’s Degree in Economics as well as 

obtained Banking Manager Certificate. Solvita Deglava is the head of the internal 

auditing department of JSC Latvijas kuģniecība; was previously employed by 

PricewaterhouseCoopers as auditing manager. Viktors Gavriļenko graduated from 

Leningrad High School of Maritime Engineers and did postgraduate studies at the 

Central Research Institute of Maritime Fleet; was employed by Riga Maritime School, 

Latvian Maritime Shipping Company; and was Managing Director at the joint stock 

company Severstaļlat, a joint venture between Latvia and Russia.



Ilva Purēna took Master of Jurisprudence; right now she is Legal Director at the 

joint stock company Ventspils Nafta. Guntis Tīrmanis graduated from Liepāja 

Maritime School by obtaining master’s certificate; worked as master mariner; and 

currently being employed as manager’s assistant at the Ventspils Free Port.



In accordance with laws of the Republic of Latvia both the Board and the Council 

of JSC Latvijas kuģniecība as lawfully elected have any rights to take actions 

according to their authorities from the moment of being elected notwithstanding 

when they to be registered at the Company’s Registrar. The new Board and Council 

of JSC Latvijas kuģniecība will be registered at the Company’s Register immediately 

after withdrawal of some court injunction which is considered as inadequate and 

therefore has been already judicially reviewed, taking into account both the 

groundlessness of the claim in its substance and the plaintiff’s – Edijs Kizenbahs – 

false information submitted during the application of the claim.



The Board of JSC Latvijas kuģniecība