Ellex, representing the Vilnius-based UAB Ozantis real estate developer, has helped facilitate a settlement agreement between some 32 entities and containing more than 16,880 signatures that, having been approved by the Vilnius City Council, brings an end to a 16-year dispute regarding investments in the 60-hectare territory of the Siemens Arena in Vilnius.
Siemens Arena, which opened in October 2004, is the second largest arena in Lithuania and it hosts basketball games and concerts. The arena opened on October 30, 2004. The arena was built in the Vilnius Entertainment Park territory, which is still under development. The other buildings in the Vilnius Entertainment Park include an indoor water park, a family entertainment center, an event field, and a park.
According to Ellex, the original agreement on the investments was made in 2001 and the first challenges to the validity of the agreement were made in 2002. Ellex reports that "the agreement was subsequently revised by many authorities, including the prosecutor’s office, the State Control, the Seimas’ commissions and courts; however, they did not find the agreement to be unlawful. In 2012, the General Prosecutor’s Office changed its mind and appealed against the agreement before the court, [with] 31 defendants and 9 third persons ... involved in the proceedings.
After four years of litigation and nine months of legal mediation, the proceedings for recognition of the agreements on use of the land as invalid ended in a settlement agreement .... by this agreement, the municipality will receive EUR 1.5 million and users of the territory will get new lease agreements with the agreed conditions. This was the first successful mediation in the practice of both the General Prosecutor’s Office and Vilnius City Municipality."
The Ellex team included Partner Raimundas Lideika, Expert Nijole Vaiciunaite, and Senior Associate Gabriele Vazniokaite.
