Last year the performance of the potassium handling terminal AS Kalija Parks improved significantly. The company’s net turnover was up 33%, reaching 6.7 million lats, says AS Kalija Parks.

In 2010, AS Kalija Parks’ net turnover totalled 4.5 million lats. Similarly, the company’s profit before provisions and taxes has climbed considerably, amounting to 1.3 million lats. To compare, 73 000 lats losses were posted in 2010. AS Kalija Parks’ cargo turnover grew 18% in 2011, reaching 2.81 million tons.

According to AS Kalija Parks’ annual report approved in the company’s shareholders meeting, the highly successful business activities have resulted in cash reserves growing by 1.5 million lats in late 2011.

AS Kalija Parks’ Supervisory Council Chairman Rudolf Meroni is pleased with the results.

“The successful 2011 performance of AS Kalija Parks shows that fair management and western corporate standards, introduced last year, do pay back. Fight against the corrupt and fraudulent schemes of the previous company’s management are bearing fruit. AS Kalija Parks has restored successful business operations, showing the best performance in recent years,” Meroni says.

He also points out that 2011 results prove it was worth taking over control in AS Kalija parks in early 2011. Having done away with management practices favoured by Olegs Stepanovs and his team, AS Kalija Parks managed to achieve excellent results.

AS Kalija Parks reminds that in 2009 and 2010 the company was in the hands of Ventspils millionaire Olegs Stepanovs. Back then its performance deteriorated considerably. Meroni has already raised concern that the real reason for that lies in suspicious transactions, depriving AS Kalija Parks out of around 8 million euro. The money flowed to Stepanov’s companies SSF Logistic and SSF Solution.

Both of the companies operated as intermediaries between AS Kalija Parks and its customers, depriving the company out of its profit from transit business. The money went straight to the accounts of Stepanov’s firms. The schemes were carried out by Stepanov’s associate Aleksejs Ovods, who was previously member of AS Kalija Parks Management Board. Since January 2012, when Latvian oligarchs unlawfully took over Ventbunkers and AS Latvijas Naftas Tranzits, Ovods has been taking up the post of as AS Latvijas Naftas Tranzits Management Board member. This goes against the Latvian Commercial Law.

AS Kalija Parks is the leading potassium handling terminal in the Baltics and Eastern Europe. The company’s majority shareholder is a company registered in the Netherlands – Geit B.V. Pursuant to a ruling by the Riga Regional Court and the Prosecutor General’s Office, the company’s management has been entrusted to Meroni.