OREANDA-NEWS. January 13, 2012. During a meeting of the Supervisory Council of JSC Latvijas kugnieciba (NASDAQ OMX RIGA: LSC1R) (LSC) Simon Boddy was repeatedly elected as the Chairman of the Supervisory Council and Mikhail Dvorak was elected as the Deputy Chairman of the Supervisory Council.

Out of the members of the company’s Supervisory Council that were elected by the extraordinary shareholders’ meeting that was held on December 7, 2011, Serguei Choutov and Ivars Girgensons were not in the composition of the previous Supervisory Council. Neither Ivars Girgensons, nor Serguei Choutov own JSC Latvijas kugnieciba shares.

Serguei Choutov graduated the Moscow State Institute of International Relations and obtained a doctor’s degree in economic science in 1998. He is a member of the Transport Academy of Russia. In the 1980s he worked as a manager in the companies Sovbunker and Soyuznefteexport, later he was a managing director at Navitank A.B., but since 2006 he is the Chairman of the Management Board of “Transgroup Ltd”.

Ivars Girgensons was nominated for work in the LK Supervisory Council by SSIA (State Social Insurance Agency). He is a lawyer at the corporate finance company “Confide”. His main area of specialization is civil law and commercial law. Previously he has managed “Creative Consultation Centre” Ltd, has worked for “Baltijas Ofiss” Ltd, “Akvasips” Ltd, has been a manager of a branch of JSC “SEB banka”.

In accordance with the resolution adopted by the shareholders’ meeting, the company’s Supervisory Council will work without remuneration. The Supervisory Council is elected for a period of 5 years.

About JSC  “Latvijas kugnieciba”
In the medium-sized and handy tankers categories JSC „Latvijas kugnieciba” (NASDAQ OMX RIGA: LSC1R)   is among the leading ship owners in the world, and in terms of transport volumes of petroleum products  it is also in a leading position among similar companies in Northern Europe. It owns 20 modern ships, employing more than 700 professional and highly qualified seamen from Latvia. The total carrying capacity of the LK fleet is nearly one million DWT and the average age of the fleet does not exceed 4 or 5 years. All ships have received ISM (International Safety Management) certificates.