The Majority of LASCO Shareholders Resolved Not To Consider The Reelection of The Council

JSC Latvijas kuģniecība (Latvian Shipping Company - LASCO) hereby informs that
the shareholders attending LASCO Extraordinary General Meeting of shareholders
held today, 6 August 2007, resolved, by the majority of blocked votes, not to
consider the recalling and re-election of LASCO Supervisory Council. 

„The re-election of JSC Latvijas kuģniecība Supervisory Council has not been
considered today due to the fact that the inspection of the documents submitted
by the representatives of some shareholders for the registration at the meeting
discovered the direct and unambiguous relation of the respective shareholders
to the off-shore companies mentioned in the documents submitted last week by
LASCO Management Board to the Economic Police Department with regard to the
misappropriation of LASCO financial resources and causing dozens of million US
dollar losses to the Company,” stated Mr. Uldis Pumpurs, Chairman of JSC
Latvijas kuģniecība Supervisory Council. 

Thus, LASCO Supervisory Council will continue to work in its existing
composition, namely: Uldis Pumpurs - Chairman of the Council, Olga Pētersone -
Deputy Chairperson of the Council, Andris Linužs - Deputy Chairman of the
Council, Pēteris Putniņš, Vladimirs Solomatins, Aldis Āķis, Laimonis Junkers,
Vladimirs Krastiņš, Ansis Sormulis and Mamerts Vaivads. 


Decisions of Extraordinary General Meeting of shareholders of JSC “Latvijas
kuģniecība” 

The Extraordinary General Meeting of shareholders of JSC Latvijas kuģniecīb
took place on August 06, 2007 has  approved following decisions: 

On the first item of the Agenda -Recall of the Supervisory Board:
Resolution on recalling of the Supervisory Board of JSC “Latvijas kuģniecība”
was not made. 
	
On the second item of the Agenda - Election of the Supervisory Board:
Considering that Extraordinary General Meeting of shareholders of JSC “Latvijas
kuģniecība” of  August 06, 2007 did not recalled members of the Supervisory
Board of JSC “Latvijas kuģniecība”, do not take up the second question of the
Agenda „Election of the Supervisory Board”. 



For detailed information:
Marita Ozolina-Tumanovska
Head of PR Department
Phone: +371 67020120, 29287169
E-mail: marita.ozolina@lscgroup.lv