Category: Latvia

ZAB Deloitte Legal has represented AS Indexo in its successful application for an investment management license and its registration as a manager of funds in a funded pension scheme.

According to Deloitte Legal, “AS Indexo will manage funds of 2nd tier pension schemes. AS Indexo was created to offer a lower cost alternative in the 2nd tier pension scheme market. AS Indexo is an initiative of over 30 Latvian entrepreneurs.”

Deloitte Legal’s team consisted of Managing Associate Martins Puke and Attorney at Law Ivita Samlaja.

Sorainen Latvia has advised Medap Systems, a Latvian developer of medical diagnostics equipment software, on trademark registration and intellectual property protection issues.

According to Sorainen, the firm “prepared a legal opinion on the registrability of the client’s trade marks and contracts related to software protection.” The firm describes the matter as “important as it concerns know-how and intellectual property developed by local entrepreneurs and exports of IP abroad.”

The firm’s team consisted of Partner Agris Repss and Senior Associate Andris Taurins.

The Latvian office of TGS Baltic has assisted AS DNB Banka and its group companies during the insolvency proceedings of a debtor and in related legal proceedings, resulting in partial settlement of the claims and the takeover of the real properties pledged as security for the loan by a company in the DNB Banka group.

According to TGS Baltic, its assistance “included representation of the bank and its group companies against the debtor, the debtor’s shareholders and representatives, the insolvency administrator, and other creditors of the debtor during the litigation proceedings.” In addition, the firm reports, “the bank and its group companies were provided support in taking over the pledged assets and on the issues of administration and management of the real properties.”

The TGS Baltic team was led by Managing Partner Ivars Grunte and included Attorneys at Law Nauris Grigals and Andis Paunins.

Vilgerts is reporting that the Supreme Court of Latvia has decided in favor of its client, If P&C Insurance, in its dispute with Liepajas Metalurgs regarding use of an inappropriate vessel for carriage under an open cargo policy subject to ICC(A).

According to Vilgerts, “the insurance contract (subject to Latvian law) had a condition that steel bars can be shipped by use of vessels not older than built in 1981. In the particular case the cargo owner (claimant) had used a vessel built in 1978 and thus had breached the conditions of the insurance contract. During the voyage in December 2012 sea water entered the hull and damaged the steel bars. In February 2013 the claimant brought a claim for damages against If P&C Insurance in the amount of EUR 1,283,814 plus litigation costs. The claimant argued that the insurer should pay because it implicitly accepted an older vessel and the risk was insured under ICC(A). Liepajas Metalurgs was of the opinion that the insurer should have reacted immediately when its automated cargo declaration received data about the name (not age) and IMO number of the vessel. The cargo declaration system automatically issued a cargo insurance slip and invoiced the premium. In the opinion of the claimant, the defendant should have known or should have been able to determine the age of the vessel, but the insurer did not react until the cargo damage occurred. In the opinion of Liepajas Metalurgs, the insurer had waived its rights to decline the older vessel because older vessels were used under the same contract previously and by issuing a formal confirmation of cover.”

Vilgerts reports that “the court ruled that the insurance slip only confirmed the existence of the insurance contract. The insured should have informed the insurer about increased risk due to chartering an older than agreed vessel under the insurance contract. Also, the automated cargo declaration system did not permit the claimant to enter data about vessels that are built before 1981. The electronic declaration of the cargo did not amend the insurance contract and the claimant’s claim was dismissed.”

The Vilgerts team successfully advocating for If P&C Insurance Latvia consisted of Partner Aivars Losmanis and Senior Associate Janis Kubilis.

TGS Baltic has advised Laimonis Kravalis and Daiga Grigale, the majority shareholders of AS Interbaltija AG, on the buy-out of minority shareholder SIA Wine Holding and the subsequent sale of 100% shares of AS Interbaltija AG to Amber Beverage Group. The Latvian office of Eversheds Sutherlands advised SIA Wine Holding.

According to TGS Baltic, “it is planned that AS Interbaltija AG will carry on with its operations as an independent company under the leadership of its current CEO Laimonis Kravalis. AS Interbaltija AG will continue focusing on the development of premium brands in the HoReCa segment, using the support of Amber Beverage Group and their expertise in logistics, IT, and legal solutions.”

TGS Baltic also reports that “due to the concentration in the beverages wholesale markets, the transaction was subject to clearance of the Latvian Competition Council, which evaluated that the transaction will concern fourteen wholesales markets, such as beer, cider, sparkling wine, Champagne, traditional grape wine, fortified wine, mulled wine, vodka, whiskey, brandy, cognac and Armagnac, rum, tequila and liqueur.”

Interbaltija AG 2016 turnover was EUR 6.83 million, and the company employed 34 employees. Amber Beverage Group was established in October 2014 as the result of the consolidation of SPI Group companies in the Baltics.

The TGS Baltic team was led by Partner Inese Hazenfusa, supported by Associates Rudolfs Vilsons and Jekaterina Anohina.

The Eversheds Sutherlands team consisted of Of-Counsel Baiba Strupisa and Senior Associate Sarmite Grebeza.

Ellex Klavins has advised Latvian telecommunications company Unistars on its acquisition by mobile operator Bite. Sorainen advised Bite on the deal. The transaction value was not disclosed.

According to Ellex Klavins, “the transaction is significant for the future growth of Bite, as it provides it with access to the 5G frequency that will enable the development of new, innovative products and services.” Unistars will continue its operations as a subsidiary of Bite. 

The Ellex Klavins team was led by Partner Ivars Pommers and Associate Zane Miglane.

Sorainen’s team consisted of Partner Eva Berlaus and Senior Associate Viktorija Smirnova-Cerkasa.

Deloitte Legal has advised IKEA group companies SIA Verus Praedium and SIA Paul Mason Properties regarding a construction loan and overdraft facility, both from SEB Banka.

SEB banka financed the EUR 35.4 million loan made to SIA Verus Praedium for construction of IKEA Riga shop and the EUR 5 million overdraft facility made to SIA Paul Mason Properties.

According to Deloitte Legal, it “participated in the negotiation over the terms and conditions of the construction loan and overdraft agreements as well as negotiation terms and conditions of the security documentation.” The firm’s team was led by Associated Partner Maris Liguts, supported by Senior Associate Ivita Samlaja.

Cobalt has advised AS SEB Banka and Danske Bank A/S Latvia Branch on their provision of a syndicated loan to glass fibre manufacturer AS Valmieras Stikla Skiedraone in the amount of EUR 50.4 million. Vilgerts advised Valmieras Stikla Skiedra on the loan.

Cobalt’s banking and finance team, led by Specialist Counsel Edgars Lodzins, acted as a lead counsel for the syndicate of the banks on elements including the “cross-border coordination between involved parties from Latvia, USA, [the] United Kingdom, and Germany.”

The Vilgerts team included Head of M&A Vairis Dmitrijevs and Partner Gints Vilgerts.

Image Source: valmiera-glass.com

CEE Attorneys Lithuania has opened an office in Riga, Latvia, and appointed Senior Associate Valery Komisarov as Real Estate and Construction Head in the country. Komisarov will also manage the Riga office, reporting to Managing Partner of CEE Attorneys Lithuania, Daina Senapediene, who will remain in Vilnius.

At the moment, the firm reports that its new Latvian office will focus primarily on the real estate, construction, and infrastructure sectors. However, Senapediene claims that “hiring more lawyers and expanding the scope of legal advisory services are in the near plans of CEE Attorneys in Latvia.” 

According to CEE Attorneys, “the opening of the office in Riga goes along with the strategic plan of CEE Attorneys to offer high standard legal services in all Central and Eastern European and Baltic countries under the one-stop shop principle. The next step planned would be getting established in Estonia.”

Komisarov worked for over three years as a lawyer with the Riga-based KOM-Invest real estate before opening his own solo practice in the beginning of 2016. He has a Master’s degree in Civil Construction and Real Estate Management from Riga Technical University and a Master’s of Laws degree from Latvia’s Business University Turiba.

Primus has represented Klaipedos Baldu Prekyba JSC — a furniture retail trade chain with eight stores in Lithuania operating under the Berry trademark — on its conclusion of a long term lease agreement with the Elkor group for a multi-story building and adjacent territory for a store in the central part of Riga. 

According to Primus, Klaipedos Baldu Prekyba is investing more than EUR 1 million in the opening of the store — which will be located at 201 Brivibas Gatve in Riga — including in the renovation of premises, interior design, as well as client service and communication. The store will occupy five stories, and its total floor space will be 10,000 square meters. The company intends to employ 35 persons in Latvia.

Primus’s legal team consisted of Partners Giedre Dailidenaite and Laura Zalana and Senior Associate Andis Ozolins.