Sorainen, working alongside Sweden's Mannheimer Swartling, is advising KPMG Sweden on its acquisition of KPMG Latvia and KPMG Lithuania.
Sweden's Per Magnusson, the co-founder of the Magnusson law firm, which has offices in seven countries — including four in CEE — has left the firm to launch an advisory business in Stockholm.
Contributed by Cobalt
TGS Baltic has advised Cooperatieve Rabobank U.A. on its refinancing of Latvian fishing company SIA Batterfisa's existing liabilities and working capital needs. Batterfisa was advised by Ellex Klavins.
TGS Baltic and Deloitte Legal have advised CVI Dom Maklerski on financing provided to SIA Riga Retail Park for the purposes of co-financing its acquisition of real property as well as the construction and development of the Saga Lifestyle and Shopping Centre in Stopini, a suburb of Riga, by Baltic real estate developer VPH UAB.
Cobalt has successfully represented AS PNB Banka before Latvia’s Constitutional Court in a case involving the fee calculation for credit institutions for financing the Financial and Capital Market Commission’s operations.
“Without question,” says Filips Klavins, Senior Partner at Ellex Klavins in Riga, “the biggest news was that last week [Friday, February 21] the Financial Action Task Force decided not to put Latvia on its Gray money-laundering List.” Latvia has been under monitoring by Moneyval and the FATF for potentially allowing space for conducting money laundering in Latvia. “The countries that find themselves on the Gray List are the likes of North Korea,” Klavins says. “Not the company you’d want to find yourself in.” Still, he smiles, “the country has been working really hard to avoid that, and we’ve done it.”
Ellex Klavins, working alongside Allen & Overy, has advised the Brink's Company on its USD 860 million acquisition of G4S plc, a UK-based global security and cash management company. G4S was reportedly advised by Eversheds Sutherland.
Walless has advised Tadas Bulotas on the sale of Lithuania's BBaltics sports agency to the Wasserman sports agency.
Ilyashev & Partners Law Firm successfully protected the interests of Ukrainian manufacturers and members of the Ukrainian Autoclaved Aerated Concrete Producers Association in an anti-dumping investigation related to imports of gas-concrete blocks originating in the Republic of Belarus.
PwC Legal has advised IBSA Group on the acquisition of its long-term distributor on the Czech market, IBI spol. s r.o. IBI was advised by Solo Practitioners Violeta Jirackova and Rostislav Zak.
Dmitry Churin, Head of the Corporate practice at Capital Legal Services, has been promoted to Partner at the firm.
Ellex Valiunas has advised Edenred SA on its acquisition of a 60% stake in Lithuania's EBV Finance. The acquisition also included EBV Finance subsidiaries in Bulgaria, Poland, Romania, Spain and Estonia. Penkov Markov & Partners advised Edenred in Bulgaria, as did Wardynski & Partners in Poland, Nestor Nestor Diculescu Kingston Petersen in Romania, and Uria Menendez in Spain.
Sorainen has advised Credit Suisse on matters of Latvian and Lithuanian law related to its EUR 27 million loan to Amber Beverage Group, an international producer and distributor of alcoholic beverages.
The law on carriage of goods is a well-harmonized area of international law – a streamlined set of rules that allows cargo owners and carriers to save valuable time and resources. While freight forwarders are an important element of every consignment it is surprising that many elements of forwarder’s liability are still regulated by national law.
On 30 January 2020 the Latvian Parliament adopted amendments to the CIT Law. The amendments have not been promulgated and, therefore, the exact wording of the adopted amendments is not available yet. The amendments will come into force on the next day after their promulgation, which most likely will happen already this month.
Ellex Klavins has advised SIA Verus Praedium on its sale of 14.45 hectares of land to SIA Riga Retail Park for the development of a new Saga shopping center. Riga Retail Park was reportedly advised by Sorainen.
Cobalt has assisted Viessmann with the restructuring of its refrigeration systems business in Latvia.