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Sorainen Persuades Lithuanian Court to Recognize International Arbitration Court Award for Successful for Alfa Bank

Sorainen Persuades Lithuanian Court to Recognize International Arbitration Court Award for Successful for Alfa Bank

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Sorainen has successfully represented Russian commercial bank Alfa Bank in the Lithuanian Court of Appeal in a case regarding the recognition of a decision issued by the London Court of International Arbitration for the EUR 20 million recovery from the owner of Arvi group, Vidmantas Kucinskas.

Sorainen reports that the Lithuanian Court of Appeal decision came into force on November 29, 2018, and claims that the recovery is currently underway.

According to Sorainen, "from 2012 to 2014 Alfa Bank granted several loans to fertilizer production company Arvi NPK, based in Kaliningrad and indirectly managed by Kucinskas, who personally guaranteed the loans. In April 2016 the bank requested early repayment of the loans, interest, and penalties. Accoridng to Sorainen, the Arvi NPK’s refusal to comply caused a dispute concerning guarantor's liability, which was settled in the London Court of International Arbitration."

Commenting on the case, Sorainen Partner Laurynas Lukosiunas said, “the court upheld Alfa Bank’s claim to the full extent. Vidmantas Kucinskas tried to prevent recognition and authorization of the international arbitration award through various accusations against the bank. However, all of his arguments were rejected as absolutely unfounded.”

Aside of Lukosiunas, Sorainen's team also included Associate Vita Sabalyte.

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