17
Thu, Oct
59 New Articles

Ellex Lithuania Helps Bring an End to 16-Year Dispute Involving Siemens Arena Area

Ellex Lithuania Helps Bring an End to 16-Year Dispute Involving Siemens Arena Area

Lithuania
Typography

Ellex, representing the Vilnius-based UAB Ozantis real estate developer, has helped facilitate a settlement agreement between some 32 entities and containing more than 16,880 signatures that, having been approved by the Vilnius City Council, brings an end to a 16-year dispute regarding investments in the 60-hectare territory of the Siemens Arena in Vilnius.

Siemens Arena, which opened in October 2004, is the second largest arena in Lithuania and it hosts basketball games and concerts. The arena opened on October 30, 2004. The arena was built in the Vilnius Entertainment Park territory, which is still under development. The other buildings in the Vilnius Entertainment Park include an indoor water park, a family entertainment center, an event field, and a park.

According to Ellex, the original agreement on the investments was made in 2001 and the first challenges to the validity of the agreement were made in 2002. Ellex reports that "the agreement was subsequently revised by many authorities, including the prosecutor’s office, the State Control, the Seimas’ commissions and courts; however, they did not find the agreement to be unlawful. In 2012, the General Prosecutor’s Office changed its mind and appealed against the agreement before the court, [with] 31 defendants and 9 third persons ... involved in the proceedings.

After four years of litigation and nine months of legal mediation, the proceedings for recognition of the agreements on use of the land as invalid ended in a settlement agreement .... by this agreement, the municipality will receive EUR 1.5 million and users of the territory will get new lease agreements with the agreed conditions. This was the first successful mediation in the practice of both the General Prosecutor’s Office and Vilnius City Municipality."

The Ellex team included Partner Raimundas Lideika, Expert Nijole Vaiciunaite, and Senior Associate Gabriele Vazniokaite.

Lithuanian 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