JSC "latvijas kuģniecība"                          20.04.2005



Prohibition to Register Changes in LASCO Management Cancelled



JSC Latvijas Kuģniecība (Latvian Shipping Company – LASCO) hereby 

informs that today, 20 April 2005, Riga Central District Court 

resolved to cancel its Decision prohibiting JSC Latvijas 

kuģniecība to perform any actions with the purpose to register 

the decisions passed by LASCO Extraordinary GM of shareholders 

of 11 February 2005 and the Council elected thereby, as well 

as any resolutions passed by the company’s Board of Directors, 

in the Register of Enterprises of the Republic of Latvia. Thus, 

the Court has ruled in favour of LASCO’s application dated 

13 April 2005 requesting the cancellation of the security for 

claim established by the Court. 



"Today’s court decision, ruled in favour of Latvijas kuģniecība, 

manifestly testifies to the groundlessness of the above-mentioned 

prohibition. I consider the cancellation of the said prohibition 

to be a consistent and positive step toward the elimination of 

legal ambiguity related to the registration of the authorities 

and decisions of LASCO’s lawful Supervisory Council and Board of 

Directors according to Latvian legislation. Although the legal 

status of LASCO Board and Council members does not depend on the 

registration in the commercial register (which is of a declarative 

nature only), any legal encumbrance affects the interests of both 

the Company and its partners. Therefore, I feel especially contented 

with a positive progress of the legal proceedings that contributes 

to the Company’s development to the benefit of all its shareholders," 

stressed Imants Vikmanis, LASCO President.



  

Additional information:

Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

Fax: +371 7820239

E-mail : ozolina@lsc.riga.lv