OREANDA-NEWS. January 03, 2011. The major shareholder of JSC “Latvijas kugnieciba” (LK) – JSC “Ventspils nafta” (VN) sent a request to the LK Management Board to supplement the agenda of the extraordinary shareholders’ meeting with the issue of the election of the LK Supervisory Council. It is known that a new Supervisory Council in incomplete composition was elected during the shareholders’ meeting of LK held on December 17 of this year. VN has proposed to supplement the agenda in order to ensure the representation of the interests of the state of Latvia in the company’s management.

At the moment, the state of Latvia owns 10% of the total number of LK shares that are managed by the State Social Insurance Agency. Already since early 2010 VN has requested the observance of rights of all LK shareholders, including looking after the interests of the Latvian State. VN believes that only cooperation between shareholders will help to improve the poor financial position of LK caused by the actions of the previous management.

It has been previously reported that Simon Boddy, Vladimir Egger, Mikhail Dvorak, Javed Ahmed, Rubil Yilmaz, Mark Morrell Ware and Christophe Theophanis Matsacos were elected into the LK Supervisory Council during the extraordinary shareholders’ meeting of LK held on December 17 of this year. The LK Supervisory Council then appointed the Management Board, by electing onto the Management Board Ashley John Neale and Michael Main King for a period of five years. Paul Thomas was appointed as the Chairman of the LK Management Board.