Finance Minister Gundars Berzins has revealed that the International Court of Arbitration in Stockholm ruled last month that Latvia should pay $2.5 million to the Swedish company SwemBalt AB.
Published:
17 November 2000 y., Friday
Despite a cabinet decision not to publicize the matter, Finance Minister Gundars Berzins has revealed that the International Court of Arbitration in Stockholm ruled last month that Latvia should pay $2.5 million to the Swedish company SwemBalt AB. The court ruled that Latvia has violated the Latvian-Swedish intergovernmental agreement on the promotion and mutual protection of investments.
The company had brought the ship "Feederchif" to Riga in 1993 with the purpose of establishing a trade center on board the vessel, but the planned projects were not implemented. In 1996, when the owners had failed to show up and the condition of the vessel had deteriorated to such a degree that there was a danger of its sinking, the Riga Port Administration sold the ship by auction and the vessel was cut into scrap metal.
Prime Minister Andris Berzins ordered a probe to establish who was guilty in the matter and why Latvia failed to defend its interests properly. The court ruling cannot be appealed, but Latvian lawyers have demanded explanations.
Šaltinis:
LETA
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Mr. Olli Rehn, European Union Commissioner, and Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following joint statement on Greece.
more »
The offering of shares of the new issue will commence on 03-05-2010.
more »
The World Bank today approved a $12 million IDA credit to Bhutan, designed to improve infrastructure services in parts of the capital city of Thimphu where no formal services are currently available.
more »
Fisheries ministers and stakeholders alike will be discussing the future shape of the EU's Common Fisheries Policy at two major events in Spain over the next days. On 2 and 3 May, in La Coruña, the Commission and the Spanish Presidency are organising a large stakeholder conference on the reform of the Common Fisheries Policy.
more »
Asia is leading the global recovery and the region’s contribution to global growth will continue to exceed that of other regions in the next two years, the International Monetary Fund (IMF) said today in its latest Regional Economic Outlook (REO) for Asia and the Pacific.
more »
The EBRD is supporting the modernization of the electricity distribution network and the development of renewable energy sources in Poland with a PLN 800 million loan (equivalent to approximately €205 million) to the Energa energy group in order to help the company strengthen its power grid.
more »
At the beginning of the summer this year, Vilnius will become the capital of the Baltic Sea region. On 1-2 June 2010, the city will host the Baltic Sea States Summit and the Baltic Development Forum (BDF) Summit.
more »
Visitors of the World Expo 2010, which will open in the Chinese city of Shanghai on May 1st under the slogan “Better City, Better Life” and will last for 184 days until the end of October, are kindly invited to get into a hot air balloon at the Lithuanian Pavilion.
more »
According to preliminary data, unaudited net loss sustained over the first quarter of the year 2010 by SEB Bank is LTL 59,4 million (EUR 17,2 million) and that by SEB Bank Group is LTL 80,3 million (EUR 23,3 million).
more »
European Globalisation Adjustment fund (EGF) aid must be delivered faster and more simply to unemployed workers hit by the financial crisis or globalisation, concluded the Budgets and Employment committees after evaluating the fund on Wednesday.
more »