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Sunday 22.07.2018 | Name days: Marija, Marika, Marina

Riga Regional court lifts ER registration measures in VBU shareholders' dispute

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Аuthor: Ieva Čīka/LETADr Rudolf Meroni is one step closer to regaining control of the oil transshipment terminal, AS Ventbunkers, as Riga Regional (RAT) Court lifts provisional measures against Meroni’s entire team.

As it was previously reported, Meroni’s team of managers have been prevented from holding positions on the Management Board or Supervisory board of VBU by what appears to have been a bad decision by the RAT based on misleading information submitted by the plaintiffs – Gyges Limited, Steropes Limited and Topmar Baltic Investments – and their lawyers: Janis Junkers and Lauris Leja.

The Latvian Supreme Court after examining the original decision threw the case back to the lower court with instructions to look at the case again. It outlined certain things that were not taken into account the first time. After reviewing the case for a second time Judge Dzintra Zvaigzekalna-Zagare of the RAT decided to lift provisional measures put in place by Judge Lelde Graude.

The plaintiffs stated that the defendants prevented them from managing their owned VBU shares. This, according to the plaintiffs, created losses worth 59 701 LVL for Kement, 65 097.86 LVL for Steropes Limited and 59 728.97 LVL for Topmar Baltic Investments.

Defendants, on the other hand, stated in their application to cancel the provisional measures that Steropes Limited and Gyges Limited are not even VBU shareholders. It is emphasized that the court had secured the plea illegally. The decision was based solely on the plaintiffs’ untrue statements about potential enforcement difficulties. In addition, as it is clearly stated in the decision of the Supreme Court, the defendants turned the court’s attention to the fact that it was illegally attempted to resolve questions that are not within the competence of the institution using this litigation.

Defendants call the arguments of the plaintiffs about the economic damage absurd, because there was no reduction in their property.

Based on these facts, RAT decided to allow defendants to submit amendments about changes to VBU’s statutes and changes in the base capital amount to the Enterprise Register of the Republic of Latvia.

The restriction for defendants to take office in the Board and Council of VBU was also cancelled for the time it would take for this specific conflict to be resolved and for the court’s decision to become in force.

In addition to that, the decision about the calling and retention of VBU shareholders’ meetings was also cancelled. This decision is not subject to appeal and shall take effect on the date of its adoption.

Representative of the defendants Aivars Gobins notes that RAT also reviewed another application on April 2 – last year’s November 26 decision that included a prohibition for defendants to submit applications to the ER in regard to any changes in VBU’s Board and Council. The court will voice its verdict at 09:55 AM on April 10.

Given that similar measures to the April 2 cancelled decision were imposed against defendants along with the November 26, 2012 decision, the defendants expect the court to cancel the November 26 decision as well.


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