04 August, 2023

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. Dr Friedrich Rosenfeld, Partner, Attorney-at-Law Dr Nils Schmidt-Ahrendts, and Associate, Avocate à la Cour Charlotte Matthews – attended the two-week long hearing in the case PNB Banka and Others v. Latvia before the International Centre for Settlement of Investment Disputes (ICSID). The court hearing was held at the International Dispute Resolution Centre in London.
The case concerns a dispute between AS PNB Banka, its shareholders and the Republic of Latvia, where in 2017 AS PNB Banka and its shareholders had brought a claim to ICSID asking to, inter alia, declare that Latvia has violated its obligations under the Latvia-United Kingdom Bilateral Investment Treaty (1994), and customary international law with respect to the claimants’ investment, and order Latvia to pay the claimants compensation.

In the proceedings AS PNB Banka is represented by Prof. Dr Friedrich Rosenfeld, Dr Nils Schmidt-Ahrendts, Charlotte Matthews and Verners Skrastins.

In the picture Vigo, Friedrich, Charlotte, Verners and Nils enjoying a quick lunch on the stairs of St. Paul’s Cathedral during the break.

Key experts Verners Skrastiņš

Dispute Resolution
Banking and Finance
Regulatory/Antitrust

Vigo Krastiņš

Dispute Resolution
Corporate and M&A
Banking and Finance

Experience

More than three years after the initiation of civil proceedings, the appellate court’s judgement, favorable to the client, has come into force.

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