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The shareholders’ meeting rejected the proposal to recall Martins Kriekis, Irina Maligina, Pavels Rebenoks and Daina Sirlaka from the Olainfarm board and to bring legal action against Rebenoks, Maligina and Kriekis, as well as the company’s management board chairman Olegs Grigorjevs.

The Olainfarm shareholders also rejected the proposal to amend the company’s articles of association.

Olainfarm CEO Grigorjevs said that the amendments proposed by some shareholders to the company’s articles of association were rejected as they would only complicate operative management of the company and would not promote constructive cooperation between the management board and the supervisory board.

“Decisions of the General Meeting have clearly shown the understanding of importance of long-term stability and development of JSC Olainfarm. I think, that it is clear for everyone, who really cares of tomorrow of the company, that initiatives that are not supportive to development and create unfavorable conditions, do not bring any benefits neither to shareholders nor employees,” Grigorjevs said.

A total of 67 shareholders or their representatives participated and were represented at the meeting, with their corresponding shares representing a total of 11,546,838 votes. This means 81,98% of the votes determined by shares were represented at the meeting.

As reported, Olainfarm shareholders in in September 2018 replaced the company’s supervisory board and elected lawyer Pavels Rebenoks as chairman of the new supervisory board.

At the shareholders’ meeting it was decided to remove chairman Ivars Kalvins, his deputy Milana Belevica and Ivars Godmanis from the Olainfarm supervisory board. They were replaced on the Olainfarm supervisory board with Pavels Rebenoks, Irina Maligina, Martins Kriekis, Daina Sirlaka and Signe Baldere-Sildedze.

Signe Baldere-Sildedze, a guardian for Anna Maligina, the youngest daughter of former pharmaceutical company Olainfarm owner Valerijs Maligins, and Maligins' other daughter, Nika Saveljeva asked law enforcement authorities to start a criminal process over a corporate raid on the company, fraud and abuse of office.

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.