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Company : Olainfarm Compartment : Other
ISIN : LV0000100501 Wire : Thomson Reuters ONE
Document type : Periodic information / Internal Control & Corporate Governance    
Publication date : 1/7/2019 7:30:00 AM    

Irina Maligina: Changes in the Board of Olmafarm, the main shareholder of Olainfarm, are illegal and will not affect the work of JSC Olainfarm

Irina Maligina: Changes in the Board of Olmafarm, the main shareholder of Olainfarm, are illegal and will not affect the work of JSC Olainfarm

Commenting on the recently registered changes in the Board of JSC Olainfarm's largest shareholder – SIA Olmafarm, the Deputy Chairman of the Supervisory Board of JSC Olainfarm, Irina Maligina, informs of the following:

At the beginning of this year, an unlawful attempt has been made to abolish me - Irina Maligina - from the board of SIA Olmafarm, the largest shareholder of JSC Olainfarm. Illegal actions are already challenged in the Register of Enterprises of Latvia and legal authorities have started an investigation to find out if this a result of unprofessional actions of individual employees of the Enterprise Register, or corrupt actions.

The changes made are in contradiction with the SIA Olmafarm Articles of Association, which stipulate that changes to the board may only be made by a three-fourths majority of shareholders. Such a vote has not taken place, and therefore the changes in the board do not comply with the Articles of Association.  Until January 2, when changes were registered at the Register of Enterprises of the Republic of Latvia, 100% of SIA Olmafarm shares were owned by late Valery Maligin.

Due to mentioned above actions, we can assume that this is just another attempt of the third parties to influence the work of Latvian pharmaceutical company JSC Olainfarm with illicit methods. Already before the blackmail campaign and attempt of raiderism was organized against JSC Olainfarm.  Thanks to the professional work of the team, all these attacks were eliminated and the company was able to significantly improve its financial performance last year, thus successfully continuing the vision of development of Olainfarm, planned by late Valery Maligin.

Taking into account the previous actions, we can consider this as an unlawful and unsuccessful attempt of representatives of the heirs against JSC Olainfarm, which will not affect the company's work in the long run.

Information prepared by:

Inga Krukle
Member of the Management Board
JSC Olainfarm
Phone +371 28698449
Email: Inga.krukle@olainfarm.com

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