Latvia’s Leading Commercial Lawyers Consider the Country’s New Economic Affairs Court

In 2019, amidst the money-laundering scandal of a Latvian bank and the increasing risk that the country would be included in the Financial Action Task Force’s so-called “Grey List,” Latvia’s Financial and Capital Market Commission introduced new regulations on Anti-Money-Laundering and Counter Terrorism Financing (AML/CTF) and Sanctions.

The Labor Law of Latvia states that an employer is generally prohibited from dismissing employees with disabilities and has to provide such employees with adequate jobs. Employees with disabilities can be dismissed, however, on these grounds (and only these grounds): a) misbehavior; b) inability to perform the contracted job; or c) the employer’s liquidation. Additionally, until a recent judgment of the Supreme Court of Latvia, employers were unable to bring actions in court seeking the dismissal of employees with disabilities.

Theis Klauberg took a circuitous route to managing his eponymous firm in the Baltics. He began his education in Germany, at the University of Hamburg, Heidelberg University, and Humboldt University of Berlin, before obtaining an LL.M. at the University of the Western Cape in South Africa, then concluding his formal education with an MBA at the Baltic Management Institute. His professional career has been no less diverse, as he has worked in Germany, Latvia, Lithuania, Estonia, Belarus, and Zimbabwe.

Cobalt has advised arranger and sole book-runner AB SEB Bankas on financial institution Altum's issuance of EUR 20 million notes.

The Latvian office of Cobalt, working alongside Clifford Chance, has advised Barclays, J.P. Morgan, and Societe Generale on the issuance of a 3-year Eurobond by the Republic of Latvia in an amount of EUR 1 billion. Allen & Overy advised the Republic of Latvia.

Cobalt has advised Lauma Fabrics, a textile manufacturer in the Baltics and Europe, on the delivery of COVID-19 personal protective equipment to Estonia and Latvia.

Sorainen has successfully represented Lithuania's E Energija against the Republic of Latvia in an ICSID arbitration.

Cobalt has advised APX on an unspecified pre-seed investment into Marine Digital.

TGS Baltic has advised SIA Saules Aptieka on an agreement with People's Republic of China regarding the supply of surgical face masks to Latvia.

Contributed by Cobalt.

Cobalt has advised joint lead managers Barclays, J.P. Morgan, and Societe Generale on the Republic of Latvia's EUR 550 million Eurobond issuance. Allen & Overy reportedly advised the Republic of Latvia on the issuance.

Sorainen has advised the Biolars chemical factory on starting the manufacturing of disinfectants in its Latvian production plants.

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?"

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 and Ellex Klavins Advise on Rabobank's Participation in Batterfisa's Debt Refinancing

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.