Thu, Jan
83 New Articles

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


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.

Lithuanian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

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

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.


Our Latest Issue