Latvijas kuģniecība                                               01.03.2005.



Only the Council is entitled to dismiss I.Vikmanis - the Chairman of the 

Board of JSC Latvijas kuģniecība



(Riga Stock Exchange note: 

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



The announcements of the dismissed Board of JSC Latvijas kuģniecība on 

passing of a resolution dismissing its legal Board Chairman are legally 

incorrect and absurd, first of all, because the former Board, which considers 

itself to be the Board of JSC Latvijas kuģniecība, does not exist as it has 

been dismissed and instead a legally acting Board has been elected, secondly, 

no Board of stock companies can pass resolutions on changes in its membership, 

including elections or dismissal of chairperson of the Board. Such a resolution,

according to the article 305 of the Commercial Law of the Republic of Latvia, 

can be passed only by the company’s Council: “Chairperson of the Board is 

elected by the Council out of its members”. In the case of JSC Latvijas kuģniecība 

the Council has not considered any resolutions and have not passed any resolutions 

in respect of I.Vikmanis. I.Vikmanis is the Chairman of the legally elected Board 

of JSC Latvijas kuģniecība and continues to manage JSC Latvijas kuģniecība 

according to the requirements of law and other normative acts, ensuring development

of the company and observation of the interests of all shareholders. 



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