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Freezing Order on Lembergs Assets still in place

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Freezing Order on Lembergs Assets still in place

july 13, 2012 / Latvian Shipping Company

“Latvian Shipping Company’s claims against Aivars Lembergs (among others) are still continuing”, stresses Simon Blaydes, Chairman of the Management Board of Latvian Shipping Company. “As we have said before, these cases may take several years before final decisions are reached and Latvian Shipping is able to recover the financial assets lost through fraudulent charter schemes and other activities which have removed cash and other assets from Latvian Shipping and her shareholders, who include the Latvian State."

Simons Blaydes emphasises that "On current evidence, Aivars Lembergs, his family and associates appear to have been among the main beneficiaries of these activities, which cover an extended period up to the end of 2010. There are likely to be a great many court hearings in relation to these matters in the coming years, across various jurisdictions, including not only the UK, but also in various off-shore locations".

"Whilst this week’s judgment casts doubt upon the ability of the UK Courts to exercise jurisdiction in respect of this particular claim against Aivars Lembergs personally, it certainly does not clear him of any involvement in the fraud at the centre of this case. Indeed, the judge held that, based on the facts presented, the claimants had a case of sufficient strength against Mr Lembergs to enable it to proceed. This reaffirms all of the previous decisions on this case in the High Court in London." In the meantime, the worldwide freezing order over the assets of Aivars Lembergs remains in place.

Simon Blaydes, Chairman of the Management Board of Latvian Shipping Company explains the current position of the company as follows: “Latvian Shipping Company is reviewing the position with its legal advisers, but our intention is to appeal this decision and to continue the efforts to recover the lost financial assets from Aivars Lembergs, his family, associates and others. This may well involve the initiation of new claims in relation to other illegal schemes of more recent origin which are not yet before the courts."

"Ultimately, we are positive that Latvian Shipping Company, which is partly owned by the Latvian State Social Insurance Agency, will succeed in recovering these financial assets from those responsible,” says Mr Blaydes.