Category: Lithuania

Ellex Valiunas has announced that as of January 1, 2019, three employees will join the firm’s management, which will then consist of 18 partners. The new additions to the firm’s partnership are Robertas Ciocys, Karolis Kacerauskas, and Miroslav Nosevic.

 “A new generation of professionals has grown and matured within the firm,” said Rolandas Valiunas, Managing Partner at Ellex Valiunas. “Their skills and experience truly merit a larger set of responsibilities. The new partners will bring additional energy to our team and will strengthen our competences in mergers and acquisitions, public procurement, dispute resolution – the fields of law that are relevant to the firm. This will put us in a position to be more sensitive and quicker in responding to the needs and processes of modern business.”

Robertas Ciocys, who works in the firm’s Corporate practice group, has been with Ellex Valiunas since 2004. He has recently represented Lietuvos Energija in its acquisition of three wind power plant parks, the Livonia Partners fund in its acquisition of Santa Monica Networks (as reported by CEE Legal Matters on March 22, 2017), and the BaltCap fund in the sale of the Caffeine chain (as reported on October 25, 2018). He specializes in private capital investment projects, cross-border merger and acquisitions, and venture capital projects in a variety of industries.

According to Valiunas Ellex, Karolis Kacerauskas, who is Head of the firm’s new Public Procurement, PPP and State Aid subgroups, “is one of the first legal experts in Lithuania to make focused efforts in promoting the development of cooperation between business and the state in utilizing the model of granting concessions.” In addition, the firm reports, he “has unique experience in the fields of state assistance and competition law, and has represented clients in state assistance cases at the European Commission and European Union courts. He has been working with the firm since 2005.

Miroslav Nosevic, who heads the Valiunas Ellex International and Commercial Litigation subgroup, joined Ellex Valiunas in 2006 after spending a year with the Vilnius District Prosecutor’s office, then three and a half years as a lawyer with the State Enterprise State Property Fund, then two years as a Senior Associate with Raidla Lejins & Norcous (now COBALT). According to the firm, “he now has over 18 years of experience of judicial disputes and international arbitration under his belt.” Nosevic, the firm reports, “specializes in shareholder disputes, banking and financial, real estate and contract disputes, recognition and enforcement of foreign court and arbitration awards.”

The news of Ciocys’, Kacerauskas’, and Nosevic’s ascension to the firm’s partnership follows the recent announcement that five of the firm’s partners — Gediminas Reciunas, Dovile Burgiene, Joana Baublyte-Kulviete, Laura Ziferman, and Aiste Medeliene — would be spliting-off to form the new Walless firm (as reported by CEE Legal Matters on November 21, 2018 and December 13, 2018) — and the news that former former TGS Baltic Associate Partner Ieva Dosinaite had joined Ellex Valiunas as Partner and Co-Head of Finance (as reported on December 12, 2018).

Sorainen has helped Akce Holding Malta establish “European Merchant” in Lithuania and obtain a specialized bank license from the European Central Bank through the Bank of Lithuania for the company.

According to Sorainen, “European Merchant is among the first Lithuanian banking market participants to be granted a specialized bank license.”

European Merchant is part of the Akce group, which operates in the FinTech industry and is made up of companies offering various payment services. According to Sorainen, “part of the Akce group are companies such as Clearsettle, a London-based white-label B2B payment platform provider, authorized by the UK’s Financial Conduct Authority (FCA) as a licensed payment institution, in 2015 and SettleGo, a cross-border payments and settlement platform, authorized by the FCA as an E-Money Institution.”

The Sorainen team consisted of Partners Tomas Kontautas and Augustas Klezys, Senior Associate Dalia Augaite, and Associates Egle Mazetyte and Inga Macijauskaite.

Sorainen has successfully represented Russian commercial bank Alfa Bank in the Lithuanian Court of Appeal in a case regarding the recognition of a decision issued by the London Court of International Arbitration for the EUR 20 million recovery from the owner of Arvi group, Vidmantas Kucinskas.

Sorainen reports that the Lithuanian Court of Appeal decision came into force on November 29, 2018, and claims that the recovery is currently underway.

According to Sorainen, “from 2012 to 2014 Alfa Bank granted several loans to fertilizer production company Arvi NPK, based in Kaliningrad and indirectly managed by Kucinskas, who personally guaranteed the loans. In April 2016 the bank requested early repayment of the loans, interest, and penalties. Accoridng to Sorainen, the Arvi NPK’s refusal to comply caused a dispute concerning guarantor’s liability, which was settled in the London Court of International Arbitration.”

Commenting on the case, Sorainen Partner Laurynas Lukosiunas said, “the court upheld Alfa Bank’s claim to the full extent. Vidmantas Kucinskas tried to prevent recognition and authorization of the international arbitration award through various accusations against the bank. However, all of his arguments were rejected as absolutely unfounded.”

Aside of Lukosiunas, Sorainen’s team also included Associate Vita Sabalyte.

Primus Derling has advised the Tipro Group, which owns more than 40 online portals in Lithuania, on the sale of the All Media Digital Company to All Media Lithuania, which is the owner of Lithuania’s TV channel TV3.

The Tipro Group is an operator of such specialized portals as sportas.lt, demotyvacija.lt, lamaistas.lt, tevudarzelis.lt, one.lt, sveikata.lt, receptai.lt, gaspadine.lt, pasmama.lt, and mama.lt. The company has been operating for seven years with more than three year of cooperation with TV channel TV3 providing portal development and advertising services.

All Media Lithuania is the owner of such TV channels as TV3, TV6, TV8, radio station Power Hit Radio, news portal tv3.lt, and video streaming platform TV Play.

According to Primus Derling, after the merger Gudziunas will join All Media Lithuania as a CEO of All Media Digital. Gudziunas commented: “This transaction is a planned and logical business move as there are too many separate media groups in Lithuania, which actually should merge into bigger derivatives combining several media channels as this is happening in the whole world.” 

The Primus Derling team was led by Partner Giedre Dailidenaite and included Senior Associates Vilma Rakleviciene and Ieva Strunkiene.

The five partners in Lithuania who recently broke away from Baltic powerhouse Ellex have announced their plans to launch the Walless law firm in early 2019.

As reported by CEE Legal Matters on November 21, 2018, former Ellex Valiunas Partners Dovile Burgiene, Gediminas Reciunas, Joana Baublyte-Kulviete, Aiste Medeliene, and Laura Ziferman announced that they would be leaving the firm. “All partners have over 15 years of experience in the legal field, and thoroughly enjoy their profession,” said Founding Partner Dovile Burgiene in a Walless press release. “We are intent on creating a new generation law firm, which is upheld by the highest integrity and quality standards. In recent years, clients have become more assertive, purchasing specific services they need from the best legal specialists in the market. We will offer services in those areas where we have most experience, backed by expert teams.”

According to Dovile Burgiene, Ellex Partners Povilas Zukauskas, Mindaugas Lukas, and Evaldas Klimas, are expected to join their former colleagues soon as well. 

According to Walless, “traditional legal practice has a prolonged and seemingly inherent association of tradition, intense labor, and strict rules, which is focused on the preservation of the status quo. But just like any industry, the legal industry has not escaped disruptions led by a new generation of lawyers who seek more openness, improved processes, and improved relationships with clients based on earned trust.” The partners declare they are founding Walless “to initiate a change in the region’s legal landscape.”

The Mergers and Acquisitions practice will be headed by Burgiene and Povilas Zukauskas, who is also an expert on insolvency of companies. Financial and Banking practices will be overseen by Gediminas Reciunas, and Joana Baublyte-Kulviete will be in charge of Financial Markets, Regulation, and Fintech. The Tax and Customs practice areas will be overseen by Aiste Medeliene and Mindaugas Lukas, and the Competition and Commercial law practices will be led by Laura Ziferman, while Real Estate and Construction practices will be managed by Evaldas Klimas.

“The name Walless reveals our main values – we will interact openly and without restrictions with our clients as well as inside of our firm, and will not limit ourselves when it comes to achieving the highest level of professionalism,” said Burgiene. “Our services will be customized to each client based on their individual needs. We want to be needed by our clients because of the quality of our services, and we are ready to grow together with them in the ever-changing environment of our industry. Inside the firm we will create a sustainable culture of trust and openness.”

“After announcing our departure from Ellex Valiunas, we received huge support in the market,” added Walless Partner Gediminas Reciunas. “Some of the top lawyers expressed their desire to work with us. Judging by the interest we have received in our company, we believe we will be starting with a team no smaller than 30 lawyers. We want change and challenges, and this support encourages us. It also shows us that the market is ready to be reshaped.”

Following the break-away of the Walless team, Ellex Valiunas hired former TGS Baltic Associate Partner Ieva Dosinaite and announced the restructuring of its management team (as reported by CEE Legal Matters on December 12, 2018). 

Former TGS Baltic Associate Partner Ieva Dosinaite has joined Ellex Valiunas as Partner and Co-Head of Finance with Partner Giedrius Stasevicius.

Dosinaite’s hiring represents one part of the significant restructuring of the Ellex Valiunas’s management team following the recent departure of five partners (as reported by CEE Legal Matters on November 21, 2018). In addition to her hiring and leading the Finance practice with Stasevicius, Partners Jaunius Gumbis and Dovile Greblikiene will co-lead the firm’s Industry and Regulatory Practice, Associate Partner Karolis Kacerauskas becomes the new Head of the Public Procurement Practice, and Consultant Gintaras Balcius leads the Tax Practice.

Dosinaite spent the past five and a half years at TGS Baltic (and legacy Tark Grunte Sutkiene), the past two as Associate Partner. She also spent six years with Raidla Lejins & Norcous (now Cobalt) in Vilnius. She represents clients and advised on complex financial regulatory issues, and has experience in managing pan-Baltic legal projects and international institutions. Her fields of expertise include banking & finance, project financing, securities, capital markets, EU Law, Fin-tech, insurance services, and aviation. According to Ellex, as a finance law expert, “she is commended for excellent negotiation and analytical skills when representing clients in financing negotiations.” 

She received her LLM degree in International Banking & Finance from the Queen Mary University of London, UK. She also studied at the Vilnius University, Lithuania.

Sorainen Lithuania has assisted Pontos Group and its Estonian subsidiary, Pontos Baltic, on the EUR 47 million sale of the RYO shopping center in Panevezys, in northern Lithuania, to EfTEN Real Estate Fund 4, managed by EfTEN Capital. Fort Legal advised the buyers on the deal.

The RYO shopping center has total retail area of over 24,000 square meters, and currently hosts 132 tenants, including Rimi, Jysk, H&M, and Avitela. The shopping center was built in 2005 and underwent reconstruction in 2014.

The Pontos Group is a Finnish private equity and real estate investment company operating in Finland, the Baltic States, and Portugal. EfTEN Capital is one of the largest commercial real estate fund managers in the Baltic States.

The Sorainen team consisted of Partner Kestutis Adamonis with Senior Associates Simona Stanciukaite,  Agne Sovaite, and Evaldas Dudonis. and Associates Lukas Vaisvila, Karolis Kunigelis, and Monika Tukaciauskaite.

The Fort Legal team in Vilnius was led by Partner Ruta Radzeviciute-Meizeraite and included Partner Emilis Cicenas and Senior Associates Aurelija Grigoraviciute and Vadimas Maksimenka.

TGS Baltic has advised AB Siauliu Bankas on its admission of a EUR 20 million bond issue to trading on AB Nasdaq Vilnius.

According to TGS Baltic, the bonds were admitted to trading in the said regulated market at the beginning of December 2018.

AB Siauliu Bankas is a Lithuanian commercial bank that has provided financial services to business and private clients since 1992. Siauliu Bankas has 64 territorial divisions operating in 35 cities in all regions of Lithuania.

The TGS Baltic team consisted of Partner Vidmantas Drizga and Senior Associates Mantas Gofmanas and Sonata Krasauskiene.

Sorainen has advised Inchcape International Holdings Limited, a wholly owned subsidiary of Inchcape plc, on the acquisition of BMW’s distribution business in Lithuania from UAB Modus Group, which was advised by Ellex Valiunas.

The transaction is subject to clearance from the competition authority.

Modus Gourp subsidiary UAB Inter Krasta entered into the shares sale and purchase agreement with Inchcape International Holdings Limited from Great Britain on the sale of 100% shares in UAB Krasta Auto, UAB Krasta Auto Kaunas, and UAB Krasta Auto Klaipeda. Under this transaction UAB Inter Krasta will transfer its BMW automotive business in Lithuania.

According to Sorainen, “the acquisition further strengthens Inchcape’s relationship with BMW Group – a core brand partner – in Northern Europe and completes the Inchcape-led consolidation of BMW’s representation across the Baltic region. Inchcape already represents BMW Group as distributor in Latvia and in Estonia. The acquisition in Lithuania is consistent with the Group’s strategic priority of investing to accelerate growth.”

The Sorainen team was led by Partner Sergej Butov and Senior Associate Jonas Kiauleikis and consisted of Counsel Vitalija Tamaviciute and Associates Laura Matuizaite, Karolis Kunigelis, and Sidas Sokolovas.

Ellex Valiunas’ team was led by Partner Paulius Gruodis and Associate Mantas Juska, supported by Associate Partner Dovile Skesteniene and Junior Associate Arvydas Gruseckas.

Ellex Valiunas has mediated a transaction between SEB and UAB Technopolis concerning leased space in the new Nova office building in Vilnius. Sorainen advised Technopolis Lietuva on the deal.

The SEB Group service center will occupy 26,740 square meters of the leased space in the Nova business center, which will be built near the Vichy aqua park and Siemens arena. The building is expected to open in 2020. 

Technopolis Vilnius Business Unit Director Lina Maskoliune said, “this building is truly exclusive because of its green technologies. We plan to install solar collectors and other modern technologies that meet the requirements of an eco-friendly office. This is the first A+ energy efficiency-class building in the Technopolis Ozas campus. It has been designed and will be built according to LEED Leadership in Energy and Environmental Design Gold New Construction’ requirements.”

The Ellex Valiunas team was led by Partner Paulius Gruodis and included Associate Mantas Juska, Associate Partner Dovile Skesteniene, Junior Associate Arvydas Gruseckas, and others.Sorainen’s team consisted of Partner Kestutis Adamonis and Associate Lina Barniskiene.

Sorainen’s team consisted of Partner Kestutis Adamonis and Associate Lina Barniskiene.

Editor’s Note: This article was amended to include information about Sorainen’s involvement.