E Energija received an award of EUR 3.1 million, following ICSID’s April 8 rejection of Latvia’s appeal for annulment of the tribunal’s 2018 award.
Anglo-Russian businessman Grigoriy Guselnikov, the bank’s former owner who sold his shares, has brought a request for international arbitration against Latvia.
Latvia has made an application for annulment of an arbitral award in the case of UAB “E energija” (Lithuania) v. Republic of Latvia.
Latvia must compensate E-energija EUR 3.7 million for investment abuse in the district heating business.
The Latvian parliament, the Saeima, became the first in the European Union to fully ratify a groundbreaking free trade deal between the 28-member bloc and Canada.
The Paris Appeals Court annuled $16.5 million award for Latvian businessman Valeri Belokon and reinstated the evidence that Manas Bank employees were engaged in money laundering.
Yevgeny Kazmin, a co-owner of Ukraine’s KVV Group, has filed a lawsuit against Latvia with the International Centre for Settlement of Investment Disputes.
Agreement calls for boosting cooperation in trade, industry, agriculture, transport, tourism and investment.
Russia and Latvia have sealed an economic cooperation agreement and an agreement on creating an inter-governmental commission.