Correction: the English version added Joint stock company Latvian Shipping Company (LSC) has received for execution a resolution on putting 55 099 352 of LSC shares under arrest, which was adopted by Economic Police Department of the Central Criminal Police Department. The resolution has been affirmed by the Riga City Central District Court on February 13, 2008. According to the resolution, the aforementioned arrest has been put within the framework of criminal procedure No. 11810015305 under which conclusion of disadvantageous charters and vessel repair contracts of LSC implemented by former LSC officials is being investigated. As a result of the mentioned contracts (both charter and repair), corresponding to the resolution of the police, LSC has incurred losses to the tune of 50 million USA dollars. Criminal procedure on the aforementioned actions has been commenced in 2005 corresponding to features of offence provided for in the section No.197 of the Criminal Law, namely for neglectful fulfilment of employment duties. Police informs that on November 30, 2007, the aforementioned criminal procedure was additionally qualified in accordance with the features of offence provided for in the paragraph No. 3 of the section No. 177 of the Criminal Law, namely for large scale fraud committed in a group of persons. Police informs that part of the money defrauded as a result of the charters and repair contracts was transferred to current accounts of foreign companies Ojay Limited and Eastgate Properties Ltd. As pointed out by the police, the director and authorized representative of such offshore companies as Skeena Overseas, Luzero Limited, Recoletos Limited and Larock Limited that were involved in this and other fraudulent transactions is Ņina Gļebova who has previously participated in LSC shareholders' general meetings as the authorized representative of Ojay Limited and Eastgate Properties Ltd. In order to ensure development of the property-related matters in the criminal procedure, as well as possible confiscation of property, police has adopted a resolution on arresting 55 099 352 of LSC shares, which is 27.55% of the fixed capital of LSC. LSC has accepted the aforementioned resolution of police for execution. Marita Ozoliņa-Tumanovska Head of LSC Public Relations Department Tel.: +371 67020120, 29287169 E-mail: marita.ozolina@lscgroup.lv