Latvian Shipping Company’s                                 01.03.2005.



Mr.Imants Vikmanis has been discharged from the duties of the Chairman of the Board

of Directors OF LASCO



The legally authorized Board of Directors and the Supervisory Council continue their work



In connection with significant violation of his powers by enforcing illegitimate 

transfer of the Latvian Shipping Company’s seal and documents to third persons, 

the Company’s Board of Directors yesterday, on February 27, 2005, in an extraordinary 

Board meeting made a decision on discharging Imants Vikmanis from performing the 

duties of the Chairman of the Board of Directors by retaining I.Vikmanis’ rights to 

represent the Company as a Board member. In connection with these changes I.Vikmanis 

will be authorized to represent the Company, including issuance of orders in respect 

of employees, but only together with at least one more Board member. Yesterday’s Board 

meeting was attended by the following Board members: Valērijs Godunovs, Alvis Akmens, 

Aivars Enkuzens. Mr. Imants Vikmanis did not arrive to the meeting.



In connection with the arising extraordinary situation, the Board of Directors yesterday 

also called a meeting with the Latvian Shipping Company employees in the hotel Rīdzene 

in order to inform of the situation in the Company and emphasize that the legally 

authorized Board of Directors and the Supervisory Council continue their work.



It is already known that on February 11, 2005 there was an extraordinary shareholders’ 

meeting planned. It was cancelled based on the Board decision and according to the 

opinion of the Supervisory Council. Irrespective of this fact,  on February 11, 2005 

a group of persons held a meeting, which afterwards was called an extraordinary 

shareholders’ meeting of the Latvian Shipping Company. The same group of persons 

wanted to register their decision in the Register of Enterprises of the Republic of 

Latvia. The shareholders turned to the court and disputed this illegitimate action. 

The court decision of February 14, 2005 of the Riga City Centre district prohibited 

to register any changes that might have occurred on the basis of the decision of the 

meeting of February 11, 2005. 

Irrespective of the fact a group of private persons, by using physical force, 

(on Friday, February 25, 2005) broke into the premises of the Latvian Shipping 

Company on Basteja bulvāris 2 and until this day keeps themselves in their power 

by means of physical force. Therefore the legally authorized Company’s Board of 

Directors and the Supervisory Council yesterday, when meeting the Company’s 

employees, invited them to observe the following:



1.	Keep peace and not to obey illegal requests of the persons who call 

themselves the Board of Directors and by means of physical force have broken into 

the premises of the Latvian Shipping Company.

2.	Retain all documents that are issued to you by the persons who call 

themselves the Board of Directors or their representatives.

3.	Given the fact that the persons who call themselves the new Board of 

Directors, are not entitled to employ or dismiss the Company’s employees, we ask you 

not to leave the places of work and work in the ordinary regime.

4.	Not to perform any unreasoned actions, unauthorized campaigns, not to 

involve into any demonstrations. 



The management of the Latvian Shipping Company according to the law is realized 

only by the Board of Directors and the Supervisory Council whose composition is 

registered in the Register of Enterprises of the Republic of Latvia. The 

Supervisory Council consists of the following persons: Ģirts Rungainis, Aldis Āķis, 

Vladimirs Solomatins, Egīls Kietis, Oļegs Stepanovs, Elēna Makārova and Harijs Ilmārs 

Bondars. The Board of Directors consists of the following persons: Imants Vikmanis, 

Valērijs Godunovs, Alvis Akmens, Aivars Enkuzens.



The Board of Directors is liable for the actions of the Latvian Shipping Company 

within the law and the duty of Board members is to lead the company as a diligent 

and careful master. The Board of Directors is liable for all actions taking place 

in the company and it will continue to work and lead the company informing the 

employees for the decisions made. 



During the meeting the Board of Directors asked the employees to turn with any 

questions to the Board members personally who will explain the situation. Also 

in case when any problems arise to arrive at the place of work and perform their 

direct employment duties.



Contact person:

Valērijs Godunovs, 

Board member and vice-president of the Latvian Shipping Company

Mob.tel.: 6137555



Board members:

A.Akmens

A.Enkuzens