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Monday 23.07.2018 | Name days: Magda, Magone, Mērija

Lasco Investment declared insolvent

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This week, Riga City Vidzeme District Court declared Lasco Investment, which is owned by the joint-stock company Latvian Shipping Company (LSC), insolvency, indicate the Insolvency Register entry.

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUWithin a month’s time, Lasco Investment’s creditors can lodge their claims to Olavs Cers, who was appointed as the company’s administrator, suggests public registers’ data.

LETA reminds that Lasco Investment was initially established to manage the real estate investments owned by the LSC. Lasco Investment provides full service real estate investment management services to real estate investors.

The company already had debt of more than 39 million euro (LVL 27.3 mln), which had to be paid back to the enterprise Ventspils nafta (VN) for SIA Lasco nekustamie īpašumi shares and AS Preses nams share acquirement in December 2008.

«VN had the impression that Lasco Investment Board does everything possible to reject VN proposal and, most likely, to avoid the extension of debt repayment time-limit. Therefore, possibly, SIA Lasco Investment Board does not extend the repayment period deliberately to use the overdue debt for other purposes, for instance, to initiate insolvency case,» indicates the previously published VN’s report to the stock exchange.

VN emphasizes that the malicious and deliberate action by leading the company to insolvency is punishable under criminal law.

As one of the biggest LSC shareholders, VN previously warned that it will voice concerns to the state institutions, seek compensation possibilities, as well as call for the responsible institutions to conduct investigation regarding Lasco Investment and LSC executives’ plans to lead the company to default.

VN’s report to the stock exchange indicates that the company has repeatedly (in June and October 2010) offered to prolong the debt repayment time-limit until the end of 2010.

The LSC Board Chairman Ģirts Apsītis previously pointed out that the company’s shareholder – VN – is to be blamed in Lasco Investment’s limited solvency, as its management’s «irresponsible and unprofessional action causes losses to both public undertakings’ shareholders, resulting in Lasco Investment insolvency».

«VN’s categorical refusal to consider the present economic situation and to review the real estate transaction conditions between VN and Lasco Investment, which was concluded two years ago, was the basis for the company’s extrajudicial legal protection process initiation,» indicates the LSC earlier published announcement.

Lasco Investment has already paid VN the largest part of the transaction’s total sum, which exceeds 76 million euro (LVL 53.2 mln); thus, enabling VN shareholders to receive dividends at the extent of 50 million lats in late 2009 for which the LSC shareholders were not eligible due to the implementation of the transaction.

On October 5, 2010, Riga City Vidzeme District Court discharged Lasco Investment‘s claim and initiated extrajudicial legal protection to the enterprise.

In late September, extrajudicial legal process was initiated to another LSC owned entity – SIA Lasco nekustamie īpašumi.

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  1. ooo says:

    Yes, more and more companies go bankrupt…

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