Latvijas Kugnieciba                                              22.06.2005



COURT ALLOWS REGISTRATION OF CHANGES IN LASCO COUNCIL AND BOARD



Hereby JSC Latvijas kuģniecība (Latvian Shipping Company – LASCO) informs

that on 20 June 2005 a prohibition 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 was

cancelled by Riga Regional Court. The Court’s judgement is final and cannot

be appealed. It comes into force upon its announcement.



“I had no doubts that the decision would be ruled in favour of the Company,

since the given type of claims usually is not secured. Therefore, all the

court judgements on the security for claim have been cancelled. In their turn,

the arguments contained in the appeal of the previous LASCO Board members were

groundless and inconsistent with the law. I believe that their only aim was to

damage LASCO’s reputation and to create confusion and uncertainty in its

business partners about the processes taking place in the Company. I feel

especially contented that the truth has prevailed and there are no obstacles

for Latvijas kuģniecība to register the changes in its Council and Board in the

Register of Enterprises of the Republic of Latvia,” told Imants Vikmanis,

Chairman of JSC Latvijas kuģniecība Board of Directors.



The full text of Riga Regional Court judgement will be published on 28 June 2005.



Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

E-mail : ozolina@lsc.riga.lv