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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
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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.

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