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Registry of Enterprises registers Olainfarm's new supervisory board

BC, Riga, 02.04.2019.Print version
After reviewing one of the registry applications, the Registry of Enterprises has made the decision to register the new supervisory board of Latvian pharmaceutical company - joint-stock Olainfam, the Registry of Enterprises told LETA.

Olainfarm's new supervisory board is now made up of economist Gundars Berzins, Janis Buks, who will be the deputy head of the board, as well as Karlis Krastins, Andrejs Saveljevs and Haralds Velmers.

Meanwhile, the company's new supervisory board has since appointed Lauris Macijevskis to its management board.

The Registry of Enterprises has received two other applications, but both none were registered due to faults in the documentation.

As reported, shareholders of Latvia’s Olainfarm pharmaceutical company yesterday elected a new council at a meeting that had been cancelled by the company’s previous supervisory board, economist Gundars Berzins, who was elected board chairman, told LETA.

The shareholders who participated at Monday’s meeting together hold more than 61 percent of Olainfarm shares, Berzins said.

Other members on the company’s new council include Janis Buks, Karlis Krastins, Andrejs Saveljevs and Haralds Velmers.

The shareholders’ meeting was held on Monday despite its cancellation by the previous Olainfarm board. The meeting, which took place in a black bus parked outside the Olainfarm entrance, brought together more than ten Olainfarm shareholders.

Olainfarm representative Dana Hasana told LETA that the company had no reason to let people who are not Olainfarm employees into its territory because the shareholders’ meeting was cancelled.

The previous Olainfarm board includes Pavels Rebenoks, Martins Kriekis, Daina Sirlaka and Irina Maligina, the eldest daughter of the pharmaceutical company’s late owner Valerijs Maligins who passed away in December 2017.

LETA also reported, earlier the Olainfarm board said it cancelled an extraordinary shareholders’ meeting, called on April 1, as the request for the shareholders’ meeting had been signed by persons not on the list of the company’s official shareholders. The persons in question are Nika Saveljeva, a daughter of Olainfarm’s late owner Valerijs Maligins, and Signe Baldere-Sildedze, the custodian of Maligins’ youngest daughter Anna Emilija Maligina. The Olainfarm board therefore considers the request for the shareholders’ meeting legally invalid.

Meanwhile, Olainfarm’s largest shareholder Olmafarm, which belongs in equal parts to Maligins’ daughters – Irina Maligina, Anna Emilija Maligina and Saveljeva – has called on shareholders to turn out for the announced shareholders’ meeting on April 1, claiming that the company’s management board has yielded to unlawful pressure from the supervisory board and cancelled the meeting in sheer violation of legislative provisions.

Olainfarm supervisory board member Martins Kriekis said that the company calls on shareholders “not to fall for disinformation and not to participate in a campaign organized by raiders with an attempt to put one of Latvia’s largest companies in chaos”.

Due to the contradictory information in the mass media which might become an obstacle to transparent and fair trading, Nasdaq Riga decided to suspend trading in Olainfarm shares starting April 1, 2019.

Olainfarm makes medicines, food supplements, active pharmaceutical ingredients and chemical substances. Olainfarm shares are quoted on the Main List of the Nasdaq Riga stock exchange.

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