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20 June, 2022

Successfully represented insolvent PNB Banka in five multimillion arbitration proceedings at LCIA

Our office’s partner Verners Skrastiņš has successfully represented the insolvent PNB Banka in 5 arbitration proceedings at the London Court of International Arbitration (LCIA). The insolvent PNB Banka filed claims against its shareholders who reside in the United States, France and Switzerland. The shareholders failed to fulfil various obligations, which inter alia most importantly include a contribution to the PNB Banka’s tier 1 capital. The claims filed by the insolvent PNB Banka amounts to approximately 50 million EUR.
The LCIA fully satisfied all claims and ruled to recover funds from the insolvent PNB Banka’s shareholders.
Following the judgement our partner Verners Skrastiņš is assisting the insolvent PNB Banka in proceedings to recognize and enforce the judgement in jurisdictions of the shareholders to recover the funds awarded by the judgement.

Key contact Verners Skrastiņš

Dispute Resolution
Banking and Finance
Regulatory/Antitrust

Experience

International Investment Dispute: Skrastins & Dzenis Partners Represent AS PNB Banka in a Case Against Latvia at ICSID

In June and July this year, Skrastins & Dzenis Law Office partners Vigo Krastiņš and Verners Skrastiņš together with HANEFELD colleagues – Partner, Attorney-at-Law Prof.
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Successfully defended a client in an AML case regarding money laundering and confiscation of funds in the amount of 1 million euros

We are thrilled to announce that Skrastiņš & Dzenis Law Firm has successfully defended a client in a recent AML case where the Financial Intelligence Unit of Latvia initiated proceedings regarding money laundering and confiscation of funds in the amount of approximately 1 million euros.
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Significant judgement opens a turning point in the Latvian case law regarding termination of statute of limitations

The case in question opens a new turning point in case law in regard to the termination of the statute of limitations.
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We successfully represented a client in civil case regarding exercise of rights of first refusal and pre-emption

The case in question opens a new turning point in case law when the integrity and genuine will of a person entitled to rights of first refusal is being assessed.
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Significant judgment of the appellate court in the claim of AS “Parex banka” against its former board members

Skrastiņš & Dzenis successfully represented the former board members of AS "Parex banka" in a civil case, in which the Court of Appeal (Riga Regional Court) repeatedly rejected the claim of AS “Parex banka” (later AS “Reverta”, but now SIA “REAP”) against the defendants, former board members Mr.
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The DLV dispute has come to an end

We are proud to say that after rather protracted court trials, the long-standing dispute between the shareholders of DLV has finally been solved by reaching a settlement.
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Representing a client in the LCIA

Skrastiņš & Dzenis partner Verners Skrastiņš together with our Lithuanian colleagues from Motieka & Audzevicius and Stephenson Harwood partner, Queen’s Counsel Louis Flannery has represented a client, as a claimant, in a 5-day long arbitration hearing in the London Court of International Arbitration (LCIA).
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Representing a client in a case over reimbursment of real estate investments

Skrastiņš & Dzenis team has successfully represented client’s interests in a litigation process.
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Resolving a dispute between an alliance of architects and the contractor

Skrastiņš & Dzenis team has provided assistance to a creative alliance of architects U-R-A Studio (http://www.u-r-a.com) in resolution of complicated dispute with contractor regarding the four U-R-A Studio's prepared designs for a real estate in Jurmala and subsequent unauthorised use of ideas or copyrights of design authors.
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Founders of DLV regain full control over their company

The team of Skrastiņš&Dzenis has successfully represented its client’s DLV interests and provided legal assistance in a dispute between shareholders of the firm, helping the founders of DLV regain full control over the company.
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Skrastiņš & Dzenis has successfully represented SIA Ceļu, tiltu būvnieks in damages case against Saldus district municipality

Skrastiņš & Dzenis has successfully represented SIA Ceļu, tiltu būvnieks, a road building company, in damages case.
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Skrastiņš & Dzenis has successfully represented a client in administrative court in a dispute over a permit for B category’s polluting activities

Skrastiņš & Dzenis client, a coal briquette manufacturer which products are highly recognized and demanded in Great Britain, had to postpone the construction of a new manufacturing site due to being involved in a dispute over a permit for B category’s polluting activities.
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Skrastiņš & Dzenis represented the client in a damages case arising from breach of Latvian Competition law

Skrastiņš & Dzenis represented the client in a damages case regarding breach of competition law unauthorised acquisition and use of our client's business secret.
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Successfully represented former owners of Parex Banka

Skrastiņš & Dzenis team (Andrejs Guļajevs and Verners Skrastiņš) together with other attorneys-at-law has successfully provided legal assistance and defended former owners of Parex banka before the court of first instance.
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Skrastiņš & Dzenis has successfully represented a client in a dispute against AS “Rīgas Siltums”

Skrastiņš & Dzenis team has successfully represented a client which designs and manufactures heating, water metering and data management devices, in a dispute against AS “Rīgas Siltums”.
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Skrastiņš & Dzenis has successfully represented its client – former member of the board

Skrastiņš & Dzenis has successfully represented its client in legal proceedings before the Riga District court in damages case.
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Skrastiņš & Dzenis has represented AS Latvijas gāze in a damages case against Financial Capital and Market Commission

Skrastiņš & Dzenis team has represented AS Latvijas gāze in a damages case against Financial Capital and Market Commission where our client has taken an action to claim from the FCMC interest from the deposit – the part of damages suffered as a result of insufficient supervision over AS Latvijas Krājbanka.
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Skrastiņš & Dzenis has successfully represented Latvian company in a shareholders’ dispute

Skrastiņš & Dzenis attorneys-at-law have provided legal assistance and represented the client – a limited liability company, in a shareholders’ dispute regarding the legality of a shareholders’ meeting’s decision.
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Skrastiņš & Dzenis has successfully represented SIA VJN Kapitāls in a shareholders’ dispute

Skrastiņš & Dzenis has successfully represented SIA VJN Kapitāls in a shareholders’ dispute emerged more than a decade ago.
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Skrastiņš & Dzenis attorneys have successfully represented the client in a challenging case against State Revenue Service

Our office's attorneys-at-law have successfully represented the client in a challenging case in front of the Supreme Court of the Republic of Latvia against the State Revenue Service (SRS), one of the largest state institutions.
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