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Flick disputes proceeding.

From wire reports

RIGA - A dispute already surrounds the legal protection proceedings that have been started by Riga Central District Court for Baltijas Aviacijas Sistemas (BAS), reports business daily Dienas Bizness. The daily notes that is possible that the application for legal protection proceedings was filed by the newly-appointed BAS board members, says BAS attorney Viktors Tihonovs.

Former BAS co-owner and ex-president of airBaltic Bertolt Flick said that the new board of BAS did not have the right to file such an application, and that he would consider taking further steps in the given circumstances.

The new board of BAS, Janis Bankovs and Edijs Ziedins, was elected after Latvijas Krajbanka administrator KPMG Baltics decided on Feb. 6 this year to sell the shares of BAS, put up as security with Krajbanka, to its subsidiary Atlantijas Biroji. Flick claims that the BAS takeover had been illegitimate, which is why he turned to the Vidzeme District Court, which in turn introduced several restrictions on Feb. 24 that the new board had to observe.

The court prohibited the new BAS board members from representing the company, stressed Tihonovs, adding that he did not know who had filed the application for legal protection proceedings.

Riga Central District Court on Feb. 27 received a BAS application for legal protection proceedings, but the application was turned down as it had not been drawn correctly. A corrected application was accepted by the court on March 7, as the court found no obstacles to commencing the legal protection proceedings.

BAS was given two months to prepare a legal protection proceedings plan; the court's ruling cannot be appealed. In the meantime, Riga Central District Court was to review on March 12 an insolvency claim against BAS, submitted by Eurobalt Junipro.
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Title Annotation:Business
Publication:The Baltic Times (Riga, Latvia)
Date:Mar 14, 2012
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