Category: Lithuania

  • Motieka & Audzevicius Advises on Establishment of Two New Venture Capital Funds

    Motieka & Audzevicius Advises on Establishment of Two New Venture Capital Funds

    Motieka & Audzevicius has advised 70 Ventures, UAB on the establishment of the 70 Ventures Accel and 70 Ventures Seed private equity funds. 70 Ventures, UAB was selected by INVEGA as the manager of the accelerator funds, which will provide training and investment for innovative start-ups.

    The pre-seed fund 70 Ventures Accel consists of EUR 4.8 million of public sector funds, whereas the estimated size of the seed fund 70 Ventures Seed has EUR 3.2 million, 2/3 of which is public sector investments, with the remaining part consisting of private investor funding.

    The Motieka & Audzevicius team was led by Senior Associate Sigita Adomaityte and included Associates Rokas Jankus and Aivaras Grigas.

  • Ellex Advises Visa on Acquisition of Earthport Payment Services in Lithuania

    Ellex Advises Visa on Acquisition of Earthport Payment Services in Lithuania

    Ellex Valiunas has advised global payment cards giant Visa on its indirect acquisition of 100% of the shares of UAB Earthport Payment Services, a payment institution licensed in Lithuania. 

    Visa is an American financial services corporation, headquartered in Foster City, California, and listed on the New York Stock Exchange. It was founded in 1958.

    The sole shareholder of Earthport Payment Services is Earthport PLC, a United Kingdom-based payment institution. 

    According to Ellex, both Vida and Mastercard bidded to acquire Earthport Payment Services. Upon assessment of the submitted documents and other information, the Bank of Lithuania did not oppose the acquisition.

    The Ellex Valiunas team advised Visa on issues related to the acquisition of the payment institution, prepared a notice of intention to acquire shares of a payment institution, and represented the company before the Bank of Lithuania. The firm’s team was led by Partner Ieva Dosinaite, supported by Senior Associate Povilas Junevicius and Associate Domantas Gudonis.

    Ellex did not reply to our inquiries about the deal. 

  • Arcliffe Announces Vilnius Office

    Arcliffe Announces Vilnius Office

    On April 5, 2019 Arcliffe announced the opening of a Vilnius office, which will be headed by Partner and Coordinator Dainius Kenstavicius.

    The affiliated law firm in Vilnius, previously known as Kenstavicius ir Partneriai, will operate under the Arcliffe brand. 

    Arcliffe Regional Partner Tomas Krutak commented, “the opening of our Baltics practice together with Dainius will facilitate our Central and Eastern European clients to have a better coverage in the Baltics, where Arcliffe is one of the first now facilitating the access of business in and out entire CEE.” 

    Dainius Kenstavicius said, “our Lithuanian practice matches perfectly the culture and the expertise that Arcliffe developed in the region. Henceforth, we are happy to join Arcliffe and participate in the endeavors to set up a premiere Baltics practice.”

    Arcliffe covers CEE through offices located in Poland, Czech Republic, Romania, Cyprus, Serbia, Bulgaria, Slovakia, Hungary, and Lithuania, as well as other countries in Emerging Europe through strategic partnerships. 

  • The Buzz In Lithuania: Interview with Erikas Saukalas of Metida

    The Buzz In Lithuania: Interview with Erikas Saukalas of Metida

    “There was a very big scandal few weeks ago that involved top Lithuanian judges getting detained in an anti-corruption crackdown,” says Metida Partner Erikas Saukalas, referring to the eight judges from the country’s Regional Court, Court of Appeal, and Supreme Court who were arrested at the end of February. The arrests were apparently made, Saukalas reports, following the discovery that the judges had accepted bribes ranging from EUR 1000-100,000 in criminal, civil, and administrative cases. Saukalas describes the case as “a huge disappointment for our society.” 

    In happier news, the beginning of the year also saw the January 1, 2019 coming into effect of a new Trademark Law. According to Saukalas, the new law abolishes the requirement of graphic representation, provides for certification marks as a new kind of trademark, changes the procedure of trademark registration, and requires a pre-trial procedure. The new Trademark Law implements provisions of EU Directive 2015/2436. “As a result we have a law which is harmonized with EU regulations, and our proceedings are becoming more efficient,” he says, noting that in the past in Lithuania registering a trademark could take a year, while under the EU regulations the process takes only four months. “I think with the new law we can get same results in Lithuania,” he says. 

    In addition, Saukalas says, whereas previous efforts to validate trademark registrations had to made by filing claims in court, now the patent office is empowered to provide that service, which should reduce courts’ workloads. Additionally, the new law allows for the registration of different types of marks, including non-traditional marks such as holograms, motions, or sounds. “This new law is a modern law adapted to the digital environment and tries to make procedures effective,” he notes. 

    The new law has resulted in an increase of trademark fees, although Saukalas claims that “the increase is not significant, and it does not mean the service is not attractive overall.” The law also requires that changes be made to other regulations, and Saukalas says that, due to the lack of practice and case law in Lithuania, some situations remain unclear. “Quite often, we consult with the patent office about the application of provisions of the new law, but sometimes even the patent office does not have an answer,” he sighs. 

    Finally, Saukalas mentions the upcoming presidential election in Lithuania scheduled for May 12, 2019. Among the candidates is current Prime Minister Saulius Skvernelis. Saukalas reports, “if he becomes president, I do not think there will be major changes.” Although he suggests that “two other candidates have an economic background, and maybe they will try to make our lives better,” ultimately, he says, “life will more or less be the same.” 

  • M&A and Rudzinskas & Partners Advise on Satalia Acquisition of Data Dog

    M&A and Rudzinskas & Partners Advise on Satalia Acquisition of Data Dog

    Motieka & Audzevicius has advised Satalia on its acquisition of software and automatization solutions company Data Dog from entrepreneurs Domas Janickas, Marius Buzaitis, Gytis Koryzna, and Mindaugas Zickevicius. Rudzinskas & Partneriai advised the sellers.

    Motieka & Audzevicius reports that since the transaction, Data Dog has “become an integrated part of Satalia brand companies,” and that “the Satalia team of programmers, data scientists, product managers, and other employees highly increases in numbers after the transaction in London, Kaunas, and other cities of Europe.” According to the firm, “a representative of Satalia confirms that they see Lithuania not only as a center of fintech or laser technologies but also as an AI center.

    The Motieka & Audzevicius team included Senior Associate Michail Parchimovic, Associate Rokas Jankus, and Junior Associate Laurynas Ramonas.

    The Rudzinskas & Partneriai team was led by Partner Rytis Rudzinskas. 

  • Motieka & Audzevicius Successful for JP Srbijagas in Vilnius Regional Court

    Motieka & Audzevicius Successful for JP Srbijagas in Vilnius Regional Court

    Motieka & Audzevicius is reporting that it successfully represented JP Srbijagas in cross-border litigation before the Vilnius Regional Court in order to secure enforcement of two ICC and two VIAC awards.

    According to Motieka & Audzevicius, “the firm has successfully convinced the Court to annul the relevant share-purchase agreements in the total amount of EUR 40 million and bring back these assets back to the debtor – one of the largest companies’ conglomerates in Lithuania.” 

    Editor’s note: In April 2020, Motieka & Audzevicius informed CEE Legal Matters that it had successfully represented Srbijagas before Lithuania’s Court of Appeals regarding the case. According to the firm, “the victorious judgment for our clients is now in force and subject for execution.”

  • TVINS Advises EIKA Asset Management on Set-Up of New Investment Company

    TVINS Advises EIKA Asset Management on Set-Up of New Investment Company

    The TVINS law firm has advised Eika Asset Management UAB on the setting up of the new Eika Real Estate Fund closed-end investment company for qualified investors.

    According to Tvins, the firm’s lawyers “drafted incorporation documents of the investment company under the Law on Collective Investment Undertakings for Qualified Investors of the Republic of Lithuania, the offering document of this investment company — i.e., the prospectus — and the standard investment agreement; advised the client on general regulatory issues related to collective investment schemes, and represented the client at the Bank of Lithuania.”

    The firm’s team was led by Managing Partner Tomas Talutis

  • Ellex Valiunas Advises Baltic Sea Properties in Lease of Logistics Terminal from Oribalt Group

    Ellex Valiunas Advises Baltic Sea Properties in Lease of Logistics Terminal from Oribalt Group

    Ellex Valiunas has advised Baltic Sea Properties on its 12-year lease of a 6500 square meter space in a logistics terminal to be built in Lithuania by the Oribalt Group.

    The new logistics center, which will will be built between Vilnius and Kaunas in Lithuania, is expected to open in the second quarter of 2020. 

    The Ellex Valiunas team was led by Associate Partner Julija Nikitaraviciene.

  • Cobalt Helps Earthport Payment Services Obtain Payment Institution License

    Cobalt Helps Earthport Payment Services Obtain Payment Institution License

    Cobalt has helped Earthport Payment Services UAB obtain a payment institution license from the Bank of Lithuania.

    Earthport Payment Services is now licensed by the Bank of Lithuania to provide payment services specified in Lithuania’s Law on Payments: credit transfers, issuance of payment instruments, and processing of incoming payments.

    The only shareholder of Earthport Payment Services is Earthport PLC, a UK-based licensed payment institution. The company is listed on London Stock Exchange. According to Cobalt, “Earthport’s global payment network powers transactions for the global financial institutions, e-commerce companies, money transfer organizations, and payment aggregators.”

    “By attracting the best of the FinTech industry, our cluster becomes better with each and every new player,” said Mantas Katinas, the Managing Director of Invest Lithuania. “Earthport – a company on the forefront of making cross-border seamless for the customer – is definitely one of the strongest additions to our ecosystem this year.” 

    Cobalt advised Earthport Payment Services on all issues related to obtaining the license, drafted the license application documents, and represented the company before the Bank of Lithuania. The firm’s team consisted of Senior Associate Justina Milasauskiene and Associate Justina Auzbikaviciene

  • Sorainen Successful for Former Manager of Invega on Appeal

    Sorainen Successful for Former Manager of Invega on Appeal

    Sorainen has successfully represented former board members of Investment and Business Guarantees – a company subordinate to the Lithuanian Ministry of Economy ‒ in an appeal before the Vilnius Regional Court concerning a bonus payment to a former manager of the company.

    According to Sorainen, “the Ministry of Economy appealed the decision of the Vilnius City District Court, claiming that the bonus paid was harmful to the company and should be returned to Invega. As the first instance court ruled in favor of our clients, the defendants, the Ministry appealed to the higher instance court.

    However, the appeal was dismissed and the Vilnius Regional Court confirmed that the members of the Board of Invega ‘acted in good faith and reasonably, were loyal to Invega and their decision was lawful.’ The court acknowledged that the former Invega manager, having achieved all of his goals, was entitled to a bonus, so the board rightly decided to pay it.

    Gediminas Norkunas, Invega’s former interim board chairman and one of the defendants in the case, commented that: “I am happy that the court of appeal has upheld the previous decision and defended the institution of independent board members. The decision confirmed that independent board members have the right to act independently and in accordance with their conscience and beliefs and they are not bound by the instructions of the external founder.”

    The Sorainen team representing the former board members consisted of Partner Zygimantas Pacevicius and Senior Associate Jurgita Karvele.