17
Thu, Oct
44 New Articles

Ellex Klavins Represented the Latvian Ministry of Finance and Privatization Agency in Parex Banka Shareholder Dispute

Ellex Klavins Represented the Latvian Ministry of Finance and Privatization Agency in Parex Banka Shareholder Dispute

Latvia
Typography

Ellex Klavins has successfully represented the Latvian state, acting through the Ministry of Finance and the State JSC Privatization Agency in proceedings against Valerijs Kargins and Viktors Krasovickis, former shareholders of JSC Parex Banka (now Reverta).

According to Ellex Klavins, "in 2012, shareholders of Parex Banka brought an action against the Latvian State in the person of the Ministry of Finance, Parex Banka, the Latvian Mortgage and Land Bank, and the Privatization Agency, demanding that the Investment Agreement, on the basis of which in 2008 the Latvian state took over all shares of Parex Banka and provided multi-million state support to Parex Banka, saving it from insolvency. The bankers filed a claim to challenge the Investment Agreement in order to avoid the liability that they had under the Investment Agreement. Namely, on the basis of the Investment Agreement, in 2011 a claim was made against bankers for collection of about LVL 100 million (about EUR 144 million) because of the violation of their obligations under the Investment Agreement."

The Latvian Ministry of Finance was represented throughout by Ellex Klavins Senior Associate Raivis Leimanis, and the the Latvian Privatization Agency was represented at the appellate level by Ellex Klavins Senior Associate Roberts Rimsa.

Latvian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.

 

Our Latest Issue