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Motieka & Audzevicius Obtains EUR 81.25 Million in Damages for Vilniaus Prekyba

Motieka & Audzevicius Obtains EUR 81.25 Million in Damages for Vilniaus Prekyba

Lithuania
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Motieka & Audzevicius has successfully represented Vilniaus Prekyba, UAB, in its claim for EUR 81.25 million in damages from defendant M. Marcinkevicius arising from Marcinkevicius' unjustified efforts to pause the acquisition of entities controlling the Akropolis shopping centers in Vilnius, Klaipeda, and Siauliai.

According to Motieka & Audzevicius, in 2015, Vilniaus Prekyba participated in negotiations regarding the potential acquisition of Akropolis shopping centers in Vilnius, Klaipeda, and Siauliai from Malta's Relvit Ltd. Marcinkevicius, a shareholder of Relvit, asked both Maltese and Lithuanian courts to impose provisional safeguards and freeze the transaction, claiming a violation of his shareholder rights.

During the application of the provisional safeguards, the market value of the entities that Vilnius Prekyba sought to purchase increased significantly, and when the transaction finally was allowed to close, Vilniaus Prekyba demanded that Marcinkevicius compensate them for the interim loss. The Vilnius Regional Court granted the claim in full.

“It is an important court judgment for the business community of our region," commented Motieka & Audzevicius Partner Ramunas Audzevicius, who represented Vilnius Prekyba's interests in the case. "While working with commercial disputes, we face cases where litigants ask for interim measures with a view to pursue ulterior motives, unrelated to their violated rights.

“This judgment sends an important message that damages caused by such actions must be compensated,” added M&A Partner Justinas Jarusevicius.

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