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White-Collar Crime is commonly thought of as something only a natural person can be held liable for. Although this might be the case in some jurisdictions, it does not apply in Estonia. The Estonian legal system allows companies to be held criminally liable alongside or separately from their representatives.

On May 1, 2023, the Foreign Investment Reliability Assessment Act, currently under adoption by the Estonian Parliament, will likely enter into force. Looking at the European Union as a whole, the push towards more supervision over foreign investors is not novel. What is new, is the Estonian approach to it and why this approach was taken. 

As of January 1, 2023, new rules regulating exclusion grounds will be applicable in Latvian procurements. This comes after the Latvian Competition Council discovered a bid-rigging scheme in the construction sector involving almost all of the largest Latvian construction companies. Notably, the period of exclusion will be extended, and the commencement date will be brought forward.

Latvia’s commercial real estate market saw a high volume of transactions in the past few years, involving shopping centers, stores, offices, and other types of properties. Cobalt Managing Partner Dace Silava-Tomsone, Ellex Klavins Partner Ilga Gudrenika-Krebs, and BDO Law Head of Legal Raivis Leimanis chart the market’s performance in a foggy 2022. 

With numerous reports of energy-related business shutdowns, we reached out to local experts across CEE to understand what different markets have been dealing with, in terms of work and production stoppages, and look into the broader impact.

Did You Know that, according to the Activity Rankings function of the CEELMDirect website, nine law firms in Central and Eastern Europe got off to an exceptionally strong start in 2023, with five client matters or more reported on by CEE Legal Matters in the first month of the year alone?

As the year draws to a close, we traditionally check the results. Therefore, let's review the transaction market of 2022. If I had to choose, I would consider the birth of the second unicorn to be the most significant event in Lithuania. Globally, it must be the USD 44 billion deal between Elon Musk and Twitter, which has probably boosted popcorn sales worldwide.

Cobalt, working with Clifford Chance, has advised joint lead managers Deutsche Bank, Citigroup Global Markets Europe, Erste Group, and Nomura Financial Products Europe on the EUR 750 million issuance of five-year eurobonds by the Republic of Latvia. Allen & Overy reportedly advised the Treasury of the Republic of Latvia.

Did you know that Dentons worked on more reported client matters in Central and Eastern Europe in 2022 – 86 – than any other firm (with Sorainen only one behind), and that Andrzej Stosio of Clifford Chance in Poland worked on more client matters than any other lawyer in the region – 13 (with Mantas Petkevicius of Sorainen in Lithuania and Roxana Ionescu of Radu Taracila Padurari Retevoescu in Romania both only one behind, with 12)?

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. 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 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

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