Video published in the Ventbunkers youtube channel – here you have Dr. Rudolf Meroni speaking. He is the chairman of the supervisory board of AS Ventbunkers.
Abstract:
Dr. Rudolf Meroni explains the changes in the management board
and the supervisory board of the Latvian Shipping Company –
performed by one of its shareholders, the company VITOL.
Dr. Rudolf Meroni expresses his surprise about the fact,
that VITOL does not discuss decisions with the other
shareholders of the Latvian Shipping Company.
The full transscript of this video:
Question
Changes in the Latvian Shipping Company:
– how did they take place?
– what is the role of shareholder VITOL?
Answer:
Obviously this fight about the management of the Latvian Shipping
Company had a much longer history behind it. Some years ago
I would say even three or four years ago I criticised that
VITOL as the biggest shareholder of Ventspils nafta never ever
cared and never ever appointed anybody to the supervisory board
and the management board of the Latvian Shipping Company.
Why was this so?
At the time I said that there was a secret agreement between
the group around Aivars Lembergs and VITOL. They had a secret
agreement where VITOL had a certain commercial interest in
Ventspils nafta but they did not care at all about the
Latvian Shipping Company.
In the last few months this seemed to be different. VITOL
was fighting very hard trying to change the supervisory board
and management board of the Latvian Shipping Company.
In my position I am today also a member of the supervisory board
of Ventspils nafta: from this perspective I welcome these
changes, I welcome these changes because I believe it was not
a normal situation that the Latvian Shipping Company was
run by a group of people which were not affiliated or not
associated with the majority shareholders.
But how these changes have happened I can also not say, that
I am terribly happy. I would have assumed, that the management
controlled by VITOL would sometimes have consulted with me
what we should do about the shipping company. Nothing like
this ever happened.
I am the chairman of the supervisory board of Latvijas naftas
tranzits which is a 39% shareholder of Ventspils nafta. Never ever
over months the management of VITOL did even consult with us
or did consult with the second largest shareholder – what should
be done with the Latvian Shipping Company – or what should be done
with regard to the appointments to be made.
So I cannot say, even though I am in the supervisory board of
Ventpils nafta, that I had been consulted by VITOL. So VITOL
seems to run its own show. VITOL does not want to coordinate
its activities in different areas – not only with regard to the
Latvian Shipping Company, but also with regard to the pumping out
of crude oil from the LatRosTrans pipeline.
They do not coordinate with their shareholders. Simply my
impression is: VITOL does not care what the other shareholders
think, they go their own way and they have to take the
responsibility for what they are doing. There are different
areas which will be regarded more carefully in the future
and I believe that there are a number of problems and difficult
situation ahead of us.
I am just surprised, that VITOL as a western company does simply
not care about its fellow shareholders even if they are practically
of a similar size as VITOL itself and they just run the business
as if they would be the only shareholder.
This is disappointing for me and therefor I can say, even though
I welcome the changes which have happened in the managment of the
Latvian Shipping Company. I welcome these changes, but I am not
happy the way it happened.
When you ask me about a future perspective of the Latvian Shipping
Company: I know that the company is in an incredible difficult
financial situation. It has been brought there by the former
management. I fully agree there with VITOL, but I have never been
consulted by VITOL that we have a joint discussion what overviews
are, how this company should be best run. We have good ideas, but
obviously the biggest shareholder seems not to be interested
what the fellow shareholder thinks.
So I cannot say much about the future perspectives of
Latvian Shipping Company.
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