Financial Services, Latvia, Legislation, Markets and Companies, Metals Market

Denins and Vilnitis point out in an interview with Latvian State Radio that, looking back at these events, it is clear that there are serious issues at the company, but they can be solved. Asked about their contribution to the company's rescue, Denins and Vilnitis explain that they have found out about the company's financial problems only recently.

"We had limited access to information. We acquainted ourselves with Ernst & Young Baltic in-depth report on Liepajas metalurgs only yesterday," adds Denins. He also points out that, compared to Ernst & Young Baltic report, Prudentia report seems to be aimed at torpedoing Liepajas metalurgs within someone's interest.

Prudentia report delivered the hardest blow to the company's further existence and scared off potential investors, says Denins.

Vilnitis agrees with Denins, but adds that it is difficult to reach a consensus among Liepajas metalurgs council members due to two of its largest shareholders always having different opinions.

Both council members also agree that legal protection would be the best solutions for the company's rescue at the moment.