29 June, 2021

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. Valerijs Kargins and Mr. Viktors Krasovickis, for joint and several recoveries of damages.

The Court of Appeal found that the transactions referred to by the plaintiff, which the bank carried out when Mr. Valerijs Kargins and Mr. Viktors Krasovickis were members of its board, were in line with the market situation at the time of their conclusion. The court further concluded that the plaintiff’s allegation that the defendants acted against the interests of the bank was unfounded. The calculations submitted by the plaintiff were also determined to be incorrect by the court. As a result, the Court of Appeal repeatedly dismissed the claim against Mr. Valerijs Kargins and Mr. Viktors Krasovickis in the amount of 81,180,583.78 EUR.

Mr. Valerijs Kargins and Mr. Viktors Krasovickis were advised and represented by Skrastiņš & Dzenis partner and attorney-at-law Andrejs Guļajevs.

Key contact Andrejs Guļajevs

Dispute Resolution
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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