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TGS Baltic Successful for Valstybiniu Misku Uredija in Lithuanian Supreme Court

TGS Baltic Successful for Valstybiniu Misku Uredija in Lithuanian Supreme Court

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TGS Baltic has successfully represented Valstybiniu Misku Uredija —Lithuania's state-owned enterprise responsible for the supervision, administration, and inventory of state forests that is also engaged in logging activities, trading timber, and planting — before the Supreme Court of Lithuania.

According to TGS Baltic, the plaintiff timber buyer had claimed that "under the contract for long-term sale and purchase of timber, which is executed when one wins an auction, the timber buyer may disagree with the timber price recalculated every half a year. The Supreme Court of Lithuania upheld the position of VMU that price change is provided for in rules of public law, and the recalculated price of timber does not have to be separately agreed upon with the buyer, and therefore that the timber buyer does not have the right to disagree with the recalculated price and must buy the contractual timber volumes, therefore VMU reasonably imposed a fine for breach of obligations."

TGS Baltic’s team was led by Senior Associate Erika Jurgutyte.

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COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

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