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. Claim was brought by two state owned companies “Reverta” and “Privatizācijas aģentūra” for recovery of compensation, contractual penalty and damages approximately amounting to 140 million EUR.

This was a high-profile case involving a former largest commercial bank in Latvia, therefore the case was also widely covered by press and mass media. Both plaintiffs and defendants had entrusted their defence to the top tier litigation attorneys.

The plaintiffs argued that former shareholders did false representations in take-over of Parex Bank on the bank’s actual financial situation by incorrectly determining the amount of damages in its financial reports. However, the court dismissed the claim.

The case was initiated in 2011 and since then the court has decided on several legal issues and questions such as disclosure of evidence and appointing an expertise.

The respective case is a major success for our clients as well as for Skrastiņš & Dzenis. Skrastiņš & Dzenis provides specifically tailored legal assistance for its clients, and is proud to be part of this case winning team.