NewsRecovery of losses for cable damage

Recovery of losses for cable damage

Regarding the publicly released information that on Monday the Swedish prosecutors rejected the possibility of sabotage in the damage to the LVRTC submarine fiber-optic cable and announced that they are releasing the Bulgarian vessel that was detained after the incident, LVRTC informs that, according to the information available to the company, both the competent Swedish authority and the State Police of the Republic of Latvia are continuing the investigation.
According to the information provided by the State Police, the investigation has not yet yielded any information that would serve as a basis for terminating or requalifying the criminal proceedings. At the same time, the State Police informs that the information obtained so far in the investigation indicates that the cable was damaged as a result of external influence. The criminal proceedings are still being investigated under three articles, including malicious damage.
At the same time, LVRTC informs that regardless of the prosecutor’s conclusions regarding the reasons for the cable damage, LVRTC property has suffered losses, therefore the company will initiate the process of recovering losses. The full extent of the losses cannot be determined at this time, as they will be affected by the purchase of materials necessary for cable repair, the costs of the repair vessel and crew, and other expenses of LVRTC to repair the cable damage. Currently, LVRTC is preparing the documentation necessary to initiate the recovery process. As soon as it is prepared, the process will be initiated.