Last Updated: 12.09.2018

News

Latvia has made an application for annulment of an arbitral award rendered on 22 December 2017 by an arbitral tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (“ICSID”) in the case of UAB “E energija” (Lithuania) v. Republic of Latvia. The arbitration related to UAB “E energija” claims against the Republic of Latvia made under the Agreement between the Government of the Republic of Lithuania and the Government of the Republic of Latvia on the Promotion and Protection of Investments dated 7 February 1996 (the “Lithuania-Latvia BIT”).

 

As a result of effective representation of state’s interests, Latvia has recovered litigation costs of 1.28 million euros from Indrek Kuivallik, which incurred during the international arbitration proceedings in "Winergy" case, and these funds have been transferred to the state budget.