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 amount of €70 million.
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.