Sorainen has successfully represented Lithuania's E Energija against the Republic of Latvia in an ICSID arbitration.
In The Corner Office feature of CEE Legal Matters we ask Managing Partners at leading law firms across Central and Eastern Europe about their unique roles and responsibilities. In light of current events, the question for this online occurrence of the feature is: "How are you managing your team working remotely during this challenging period?"
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.
“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.”