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.