JSC Latvijas kuģniecība                              13.05.2005



Another opinion testifies to the legality of LASCO 

Council and Board



JSC Latvijas Kuģniecība (Latvian Shipping Company – LASCO) hereby 

informs that a letter has been received by the company from the 

Ministry of Justice of the Republic of Latvia, which once again 

testifies to the legality of LASCO Extraordinary GM of 

shareholders held on 11 February 2005 and the resolutions passed 

by the Council and Board elected thereby.



According to the Opinion by the Ministry of Justice, the 

Court’s prohibition to register the decisions passed by 

LASCO GM of shareholders held on 11 February 2005 with 

the Register of Enterprises of the Republic of Latvia does 

not imply the unlawfulness of the decisions in question. 

It is stressed in the Opinion that the said prohibition 

is merely a means of the security for claim, which may 

be cancelled by the Court.



The Ministry of Justice has reviewed an application submitted 

to the superior state officials by the dismissed Board of 

Directors, requesting to invalidate the decisions by  LASCO 

GM of shareholders held on 11 February 2005. It is stated in 

the application that the legality of the said meeting and its 

resolutions has been appealed by one of LASCO shareholders. 

Considering that none of the issues mentioned in the 

application falls within the competence of the Ministry of 

Justice, the Ministry is not in a position to pass any binding 

resolutions on merits and challenge the legality of LASCO 

shareholders’meeting and its decisions.



"I fully agree to the opinion of the Ministry of Justice, that 

all the issues related to the above-mentioned General Meeting 

of Shareholders and its resolutions fall solely within the 

competence of the court. As it has been reported, none of the 

litigations has resulted in a court’s order prohibiting the 

activity and decision making by LASCO lawful Council and Board 

of Directors. Also the Opinion by the Ministry of Justice once 

again testifies to the fact, that there are no grounds for 

challenging the legality LASCO shareholders’ meeting held in 

February and its decisions," stressed Imants Vikmanis, 

Chairman of LASCO Board of Directors.



Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

Fax: +371 7820239

E-mail : ozolina@lsc.riga.lv