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Wednesday 20.09.2017 | Name days: Marianna, Ginters, Guntra
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Kirov Lipman: I am prepared to attract a strategic investor for Liepājas metalurgs

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Аuthor: Evija Trifanova/LETAIn order to participate in the saving of Liepājas metalurgs, the government needs a full report of the company’s financial state and the removal of the current Board, as LM shareholder Kirov Lipman stated in his letter to PM Valdis Dombrovskis, Finance Minister Andris Vilks, Economy Minister Daniels Pavluts and Chief of State Treasury Kaspars Aboltins.

In his letter to the officials, Lipman mentions that he has read the letter sent by the Finance Minister, which states the information about the decision made by the Cabinet of Ministers on April 16: specifically the five requirements for further financial assistance to LM in paying its debts.

However, according to Limpan, he does not have objective information about the company’s actual financial state. Previous requests to present the conclusions of the audit carried out by Ernst & Young Baltic – were not heard.

In his letter, the LM shareholder informs that the following conditions are still in effect:

-In order to gain an objective insight into the current financial state of the company, the shareholder requires the conclusion of the audit carried out by Ernst & Young Baltic;

-In accordance with the current opportunity of the company to attract a strategic investor that would be prepared to provide financial investments, it is necessary to complete the following conditions: two largest LM shareholders – Sergei Zakharin and Ilya Segal – are to sell their shares to this investor, the current board of LM is to be replaced by professionals that have extensive experience in the industry;

If these conditions are met, K.Lipmans promises to provide the company the necessary volume of scrap it needs to continue working.

“I do not accept the situation when, instead of paying the base debt to UniCredit, LM’s Board gives orders to perform debt payments to some unknown creditors and turns to the state to have it pay on behalf of LM”, – he stated in his letter.

In the letter addressed to the officials, LM shareholder notes that, given the aforementioned situation, he does not believe it to be possible to carry out any immediate money transfers, at least until the current Board has been replaced. Also, there is the situation of two of the largest LM shareholders – Zakharin and Segals – not even considering the possibility of investing personal funds in the saving of the company.

The unwillingness of these shareholders to resolve the situation is also shown by the fact that the company has yet to call an emergency meeting of any kind, be it Council or shareholder meeting.

Lipman believes the change of the company’s board should be the first and most important step in the right direction.

Ref: 103.109.109.7084


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  1. Iouri says:

    An other charlattan. It is pathetic.

    Thumb up 0 Thumb down 0

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