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On Willful Damage to LASCO Reputation
Emitents Latvijas kuģniecība, AS (48510000VYR04HZGC213)
Veids Finanšu pārskati
Valoda EN
Statuss Publicēts
Versija
Datums 2007-08-02 16:28:04
Versijas komentārs
Teksts
JSC Latvijas kuģniecība (Latvian Shipping Company – LASCO) hereby informs that today, 2 August 2007, it has submitted official statements to the Financial and Capital Market Commission of the Republic of Latvia and Riga Stock Exchange containing the explanation by LASCO auditors Ernst&Young Baltic in relation to the classification of the Company’s cash placed on deposits in the financial statements prepared in accordance with the International Financial Reporting Standards. As it follows from the auditors’ explanation, JSC Latvijas kuģniecība “deposits were initially booked in the Cash and Cash Equivalents item, which is a generally accepted accounting practice in Latvia”. The auditors stress the fact that the reclassification of the deposits in question has not impacted JSCLatvijas kuģniecībaliquidity ratios.
JSC Latvijas kuģniecībarequested the auditors to issue an ofiicial explanation, considering several recent publications in mass media that (disregarding the international auditors’ opinion and basic accounting porinciples) make an attempt to the benefit of a group of the Company’s shareholders to create an atmosphere of rumours and suspiciousness around one simple case of applying financial reporting standards. 
 
JSC Latvijas kuģniecībastresses the fact the legal entities mentioned in the publications as JSC Latvijas kuģniecība minority shareholders without further identifying their executives are two off-shore companies, mentioned in the documents submitted by LASCO to the Economic Police Department in relation to the criminal case on unprofitable ship chartering agreements, conluded at reduced prices with companies related to the former LASCO officials and resulting in USD 36 million losses caused to the Company as well as LASCO financial resources miassapropriation.Therefore,JSC Latvijas kuģniecībahas every reason to believe that making public and absurd speculations about one single line of LASCO financial statements disregarding the fact that it is audited by the highly reputable international auditor company, is, as a matter of fact, a willful action aimed to damage JSC Latvijas kuģniecībareputation with an attempt to smooth the reflecting of the above-mentioned (as if concerned) minority shareholders’ participation in the deals possibly resultig in the missapropriation of LASCO financial resources.   
 
 
For detailed information:
Marita Ozolina-Tumanovska
Head of Public Relations Department
Phone:  (+ 371) 67020120, 29287169
E-mail: marita.ozolina@lscgroup.lv
Pielikumi
Ernest&Young_Reply_to_LASCOs_request.pdf (45.67 kB)