JSC Latvijas kuģniecība 	                     07.04.2005	



Rrohibition to Register Changes in LASCO Management Cancelled



JSC Latvijas Kuģniecība (Latvian Shipping Company – LASCO) hereby 

informs that on 6 April 2005 a decision has been passed by Riga 

Regional Court to cancel Riga Central District Court Decision of 

14 February 2005 prohibiting the Register of Enterprises of the 

Republic of Latvia to register changes in the composition of 

JSC Latvijas kuģniecība  Supervisory Council, made by the 

company’s Extraordinary GM of shareholders on 11 February 2005, 

as well as resolutions passed by the new Council elected by the 

said GM of shareholders. Riga Regional Court decision 

of 6 April 2005 is final and cannot be appealed.It comes into 

force upon announcement.



In its turn, the information published on the Register of 

Enterprises website testifies that on 5 April 2005 Riga 

Central District Court by its decision prohibited the 

Register of Enterprises of the Republic of Latvia to 

register resolutions passed by JSC Latvijas kuģniecība 

Extraordinary GM of shareholders of 11 February 2005,the 

Council elected thereby, as well as resolutions passed by 

the company’s Board of Directors. Upon the receipt and 

examination of Riga Central District Court Decision dated 

5 April 2005 LASCO will consider appealing the decision 

according to the Latvian law.



“Legally vague and ambiguous situations are unfavorable 

for the company, especially for such an internationally 

recognized and highly reputable shipping company as 

Latvijas kuģniecība. Therefore, I feel contented that 

on 6 April the decision of Riga Regional Court once 

again testified to the evident verities. Namely, the 

company’s major shareholder may manage the company in 

proportion to his investments therein, acting at his 

discretion. Also when it comes to the election of the 

company’s top management. In my opinion it is beyond 

any doubt,” said Imants Vikmanis, Chairman of JSC Latvijas 

kuģniecība Board of Directors.





Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

Fax: +371 7820239

E-mail : ozolina@lsc.riga.lv