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Skrastins & Dzenis Successful for PNB Banka in LCIA Arbitration

Skrastins & Dzenis Successful for PNB Banka in LCIA Arbitration

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Skrastins & Dzenis has successfully represented the insolvent PNB Banka in five arbitration proceedings at the London Court of International Arbitration, with the bank's claims against its shareholders amounting to about EUR 50 million.

According to Skrastins & Dzenis, "the insolvent PNB Banka filed claims against its shareholders who reside in the US, France, and Switzerland. The shareholders failed to fulfill various obligations, which inter alia most importantly include a contribution to PNB Banka’s tier 1 capital. The claims filed by the insolvent PNB Banka amount to approximately EUR 50 million."

"The LCIA fully satisfied all claims and ruled for the recovery of funds from the insolvent PNB Banka’s shareholders," the firm informed.

The Skrastins & Dzenis team included Partner Verners Skrastins.

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