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Eversheds Sutherland Successfully Represents Latvian Privatization Agency Before Supreme Court

Eversheds Sutherland Successfully Represents Latvian Privatization Agency Before Supreme Court

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Eversheds Sutherland Bitans has successfully represented the Latvian Privatization Agency and its subsidiaries in litigation against former Parex Bank shareholders. The agency was awarded EUR 124 million in damages and EUR 600,000 in legal expenses, after proceedings extending over ten years.

On May 18, 2021, the Latvian Senate decided against initiating an appeal-on-point-of-law in the matter. Thus the January 25, 2021 verdict of the Latgale Regional Court came into force, compelling former Parex Bank shareholders Valerijs Kargins and Viktors Krasovickis to reimburse the Latvian Privatization Agency for public funds invested in rescuing the bank.

According to Eversheds Sutherland, "the Senate decided that there were no reasons to conclude that the outcome of the judgment under appeal was manifestly incorrect or that the case would be significant to ensuring uniform case-law or development of case-law."

The Eversheds Sutherland team was lead by Partners Agris Bitans and Ginta Krukle.

Eversheds Sutherland at a Glance

Eversheds Sutherland with offices in Bratislava and Prague and as part of an international network, provides comprehensive legal advice also in foreign jurisdictions.

Our team consists of a total of more than 40 lawyers in the Czech Republic and Slovakia, most of whom have previously worked at major international and local law firms and have extensive experience in particular in the areas of corporate law, including mergers and acquisitions, capital markets, real estate, employment law, competition law, litigation and arbitration, energy, infrastructure, as well as environmental and ESG law.

Our advisory services are offered in Slovak, German, Czech and English language. Members of our team include attorneys registered with the Austrian Bar Association. On this basis, and because we are part of Eversheds Sutherland, we are also able to offer extensive legal support on various foreign legal issues.

We listen to our clients, we understand their business and we also understand what they need. So we can always find the best solution for the particular situation. We work quickly, efficiently and take responsibility for our work.

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