OREANDA-NEWS. May 13, 2010. JSC Ventspils nafta (VN) management informs that a notification has been received from sworn attorney Martins Kveps stating that he acts as representative of the ultimate owners of VN shareholder „Avenue Emerging Markets Fund Ltd” and expresses concern regarding possible illegal activities conducted in respect of approximately 1,8 million VN shares being held in fiduciary trust by „Avenue Emerging Markets Fund Ltd” in relation to participation in VN annual shareholders meeting of 28 April 2010 which did not take place.

According to sworn attorney M.Kveps, shortly before the annual shareholders meeting scheduled for 28 April 2010, but not taking place due to lack of VN management board’s quorum and consequent inability to prepare list of shareholders for participation in shareholders meeting, there has possibly been an effort by sworn attorney Janis Zelmenis to use illegally, against the instructions of ultimate owners, the voting rights in respect of approximately 1,8 million VN shares being held in fiduciary trust by „Avenue Emerging Markets Fund Ltd”. According to information rendered to VN, it has been requested to commence court proceedings and information has been rendered to law enforcement agencies in Liechtenstein.

As pointed out by sworn attorney M.Kveps, already since 2007 he renders instructions in relation to approximately 1,8 million VN shares being held in fiduciary trust by „Avenue Emerging Markets Fund Ltd” and powers of attorney to sworn attorney Janis Zelmenis have been issued against his instructions.