In February, 2020, the Latvian authorities breathed a sigh of relief after the Financial Action Task Force voted against adding Latvia to the so-called “grey list” of jurisdictions with strategic anti-money laundering deficiencies. Prior to that, MONEYVAL, the permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, found that Latvian financial institutions had failed to introduce sufficient methods to identify suspicious funds primarily associated with clients from the former Soviet bloc countries.
In 2015, the word Cobalt took on a new meaning in the legal markets of Belarus, Estonia, Latvia, and Lithuania, when a new pan-Baltic law firm with that name opened its doors, immediately entrenched in the top tier of the region’s legal markets. That firm owes much of its success and reputation to the Managing Partner of its Lithuanian office and Chairman of the firm-wide Management Board, Irmantas Norkus.
In The Corner Office we ask Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time: “What one ongoing pro bono initiative or project or charity/volunteering project that your firm is involved with has the most meaning for you personally, and why?”
Cobalt has advised BaltCap Private Equity Fund III and its co-investor Sven Nuutmann on the acquisition of 100% of the shares in Baltic Ticket Holdings OU. Ellex reportedly advised the sellers on the transaction, which remains subject to competition clearance.
Cobalt is representing Saeima, the legislature of the Republic of Latvia, before the Latvian Constitutional Court regarding the compatibility of its administrative-territorial reform package with the country's Constitution and the European Charter of Local Self-Governments.
Cobalt has advised sports-betting and gaming group Entain on its public offer to acquire all of the shares in Enlabs AB.
The Riga office of Eversheds Sutherland has represented Euromin Holdings Limited before the Court of Justice of the European Union in a proceeding with the Financial and Capital Market Commission.