The new board at the joint-stock company "Pasazieru vilciens" (Passenger Train), national Latvian rail passenger operator, decided today to stop the procurement of new trains for the company, saying that going on with the procurement deal would be damaging to the company's interests and financial situation.

By end-August, the board is planning to draw up a strategy for the replacement of the company's rolling stock until 2016, the company informs in a statement to the media.

In two weeks since taking office, the new board of "Pasazieru vilciens" has reviewed and approved the company's report for the 2013 financial year. The board has also prepared amendments to the company's 2014 budget, which are aimed at optimizing the company's resources and reducing losses by at least EUR 5 million.

The board of "Pasazieru vilciens" has also reached agreement with the state railroad company "Latvijas dzelzcels" on payments for main infrastructure services.

http://www.leta.lv/