OREANDA-NEWS. August 26, 2010. London Court Rejects Appeal from Stepanovs-Related Companies, Ruling on Compensation for Losses Expected

The Latvian Shipping Company (LK) has announced that in the case of the USD 100 million compensation lawsuit which the LK Group has filed against firms related to former LK Group officials Olegs Stepanovs and Valerijs Godunovs, the Civil Department of the Royal Court of Appeals in Great Britain has ruled, against a request from the respondents to file an appeal of a May 24 court ruling which stated that the respondents must pay a security of USD40 million if they wish to continue the court proceedings.

The respondents have not paid the sum, and that means that the ruling of May 24 has taken force via simplified procedure. LK is actively continuing legal proceedings to recoup the losses, which were caused to it.