The Cabinet of Ministers of the Republic of Latvia will determine the minimum sale price or the initial auction price. Such company should be internationally audited, enjoy the trust by Lasco creditors and it should have its creditor bank support. Lasco was established in 1991 by taking over 87 vessels of the Soviet Union Commercial Fleet, which were registered in Latvian ports. The World Investment Report 1999, it has been acknowledged to be the largest transnational corporation in Central Europe. Lasco has been established as an international concern, which carries cargoes with tankers, reefers, LPG carriers and dry cargo vessels.
Lasco vessels navigate in all seas and oceans and they can be found in all ports of the world.
The clients of Lasco include such well-known companies as Shell, Exon and British Petroleum. Lasco tankers compete successfully and keep the leading position in the oil product shipment segment both in Northern Europe and America. As proved by the annual report of Lasco audited by PricewaterhouseCoopers , in 1999 the company gained profit in the amount of 1.15 million US dollars. Lasco closed the first 9 months of 2000 with profit of 4 million US dollars. The efficient management and farseeing development policy have enabled the company to significantly improve the financial results, whereas the planned implementation of fleet renewal program at the beginning of next year will strengthen the company's position in the market.