Ventspils Nafta Deliberately Tries to Bring Subsidiary to Insolvency
OREANDA-NEWS. November 11, 2010. Public JSC “Latvijas kugnieciba” (LSC) shareholder JSC “Ventspils nafta” (VN) shall be held responsible for the limited solvency problems of the LSC subsidiary company “LASCO Investment” Ltd, since the irresponsible and unprofessional activities of the VN management have caused losses to shareholders of both public joint stock companies and in the result can lead to insolvency of “LASCO Investment” Ltd (LI).
It is the categorical unwillingness of the VN to consider the actual economical situation and to review provisions of the real estate purchase transaction concluded two years ago between VN and LSC subsidiary company “LASCO Investment” Ltd that was the reason for commencement of “LASCO Investment” Ltd out-of-court legal protection process. “LASCO Investment” Ltd has already paid to VN the largest part of the sum that exceeds EUR 76 million allowing the VN shareholders to receive dividends in amount of LVL 50 million at the end of 2009, which in the result of the said transaction could not be claimed by the LSC shareholders.
“The incompetence and cynicism of the VN management disregarding the actual situation of its own associated company’s subsidiary is incomprehensible. Perhaps VN is not aware of the fact that VN and LSC are interrelated and that difficulties experienced by one company automatically reflect on operational results of both companies causing losses to investors of both public joint stock companies?” pointed out LSC Management Board member Mr. E. Berzins.
To the repeated „LASCO Investment” Ltd requests and proposals to find a solution that would be beneficial and objective to all parties and would guarantee operation of the company in long term and would efficiently eliminate its liquidity problems, JSC „Ventspils nafta” has answered only with an invitation to prolong the transaction term until the end of
LI and LSC have repeatedly pointed out that considering the economic situation in
Комментарии