RIGA - The new owner of Latvijas Krajbanka (Latvia Savings Bank) shares may be
asked to appear to in court.
The court proceedings currently involve Ventamonjaks, one of the biggest
enterprises on the Baltic Sea engaged in chemical shipping, in a case
concerning the recovery of 1.18 million lats (1.84 million euros) in losses
from the Latvian Privatization Agency.
The losses are seen as being in connection with a 25.01 percent share
auction of Latvijas Krajbanka, in which the agency allegedly violated the
established order and deprived present bank shareholders of their
pre-emptive right. The new owner of the shares ‹ Doxa Fund Ltd. ‹ might also
be involved.
Ventspils companies own a total of more than 30 percent of the Latvijas
Krajbanka's shares while Doxa owns 25.01 percent.
Sandra Sleja, a lawyer for Ventamonjaks, requested that Doxa be invited to
court because the verdict of the case might have an effect on the company's
interests. However, the court turned the request down.
After the reading of the court verdict Sleja promptly submitted an appeal,
meaning that the verdict would have to be reviewed by the Supreme Court.
After the trial, the representative of Ventamonjaks refrained from comments
as to whether the purchase agreement between the privatization agency and
Doxa was also being litigated in the trial. Because the verdict was
appealed, the court did not establish the time of the next hearing.
At least two other claims have been submitted in connection with the auction
of the shares: Ansis Sormulis, a minority shareholder of Latvijas Krajbanka,
went to court in Ventspils. The Riga Vidzeme Regional Court has received the
claims of Ventspils companies concerning the privatization agency's
decision.
