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Tuesday 23.07.2019 | Name days: Magda, Magone, Mērija

Olainfarm board member appeals her dismissal in court

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIrina Maligina, daughter to late businessman Valerijs Maligins, has appealed her dismissal from the post of pharmaceutical production company Olainfarm’s largest shareholder SIA Olmafarm’s board, as mentioned in the announcement submitted to Nasdaq Riga by Olainfarm.

«At the beginning of this year there had been an illegal attempt to dismiss me – Irina Maligina – from the board of Olainfarm’s largest shareholder – Olmafarm. This illegal act has been appealed in the Enterprises Register and law enforcement institutions have begun an investigation,» the statement mentions.

It is also mentioned that the changes made to the composition of the board contradict Olmafarm statutes, which clearly state that changes to the board can only be made with votes from three-thirds of members of the board. «Such a vote was never carried out. With that, the exacted changes are in contradiction to statutes,» Maligina says, adding that before 2 January, when changes were added to the Enterprise Register, Olmafarm’s sole shareholder was Maligins.

«We can clearly see here yet another attempt to use dirty tricks to influence the work of Latvia’s pharmaceutical company Olainfarm. There were hostile takeover attempts in the past. It is thanks to the team’s professional work that those attempts were successfully thwarted and the company was able to improve its financial indexes, continuing Maligin’s intended development vision for Olainfarm. We can consider the latest one as yet another attempt to illegally influence Olainfarm,» the statement mentions.

On 2 January, changes to the board of Olmafarm were registered. According to those changes, Irina Maligina was dismissed as the only board member and replaced by Milana Beļeviča. Other changes to the Olmafarm members included putting in charge of the company Maligin’s other daughters Nika Saveļjeva (33.33%) and Anna Emīlija Maligina, as well as Maligins himself (33.33%) as of 6 January.

Saveļjeva’s and Anna Emīlija Maligina’s lawyer Haralds Velmers   had previously said that in accordance with the decision of majority inheritors changes were added to Olmafarm board at the beginning of January.

At the same time, Olainfarm council chairman Pāvels Rebenoks had previously said that those changes would not change anything for Olainfarm.

It is also reported that in September 2018, Maligin’s daughters received inheritance certifications. With that, their inheritance has been officially divided. In November, the two had divided 27% of Olainfarm shares previously directly owned by Maligins, while Irina Maligina continued controlling Olmafarm, who owns 42.56% of Olainfarm shares.

At the same time Maligin’s daughters also signed an agreement with Maligin’s widow Elina Maligina, who was not mentioned in his will, about her share from the inheritance.

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