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Cizmovic and Schoenherr Successful for UniCredit Bank Banja Luka in Dispute with Bitminer Factory

Cizmovic and Schoenherr Successful for UniCredit Bank Banja Luka in Dispute with Bitminer Factory

Bosnia and Herzegovina
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The Cizmovic law firm and Moravcevic, Vojnovic, and Partners in cooperation with Schoenherr have successfully represented UniCredit Bank Banja Luka in a dispute with Bitminer Factory, leading to the overturning of a EUR 131 million first instance judgment. Reportedly, the Vila law firm is representing UniCredit Bank Banja Luka in relation to the criminal charges that the bank filed against Bitminer Factory.

According to Schoenherr, “in its April 18, 2023 ruling, the Higher Commercial Court in Banja Luka accepted UniCredit Bank Banja Luka's appeal against the first-instance decision ordering it to pay Bitminer Factory damages predominantly consisting of lost profit and default interest. In 2019, Bitminer Factory filed a lawsuit before the District Commercial Court in Banja Luka claiming damages for the unjustified termination of its bank accounts. The company alleged that the termination of the bank accounts obstructed its initial coin offering relating to a start-up renewable-energy-powered cryptocurrency mining project in Bosnia and Herzegovina.”

In early 2022, the first instance decision required UniCredit Bank to pay damages to Bitminer Factory amounting to roughly EUR 130 million (as reported by CEE Legal Matters on January 21, 2022). 

UniCredit Bank Banja Luka reported it has “always claimed that its decisions and actions in this matter were in accordance with the law and that the Bitminer Factory case was unfounded. During the entire procedure, the bank provided all the necessary evidence and fully cooperated with all relevant institutions based on the application of the rule of law in the legal system of Republika Srpska.” The bank announced it “remains fully available to clients, providing them with support in their daily business activities.”

The Cizmovic team included Partners Jovan Cizmovic and Milica Cizmovic.

Schoenherr’s team included Partners Matija Vojnovic, Natasa Lalatovic Djordjevic, Dusan Obradovic, and Vojmir Kuritc and Attorneys at Law Vladimir Markus, Jelena Arsic, and Minela Sehovic.

Schoenherr did not respond to our request for clarification on the matter.

Schoenherr at a Glance

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu