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
An International Monetary Fund (IMF) mission led by Mr. Hunter Monroe of the IMF’s Western Hemisphere Department visited Dominica during January 18-28 for the annual Article IV discussions on economic developments and macroeconomic policies.
more »
Experts in agriculture and government authorities coincided in requesting new management mechanisms and market regulation to protect the farming sector from the price crisis and enable generational changeover in rural areas at the European Congress of Young Farmers, organised by the ASAJA-Seville agricultural organisation.
more »
Immediate action is required to solve Europe's skills deficiencies and give Europeans a better chance of labour market success in the future, says an independent expert report published by the European Commission today.
more »
The European Investment Bank (EIB) is lending EUR 15.5 million to upgrade water supply and wastewater treatment in the City of Mykolayiv (southern Ukraine) and EUR 100 million to finance small and medium-sized investments in the areas of SMEs, energy efficiency and the environment in Ukraine.
more »
The European Commission can confirm that on 20 January 2010 Commission officials carried out targeted inspections at the premises of producers of Flexible Alternating Current Transmission Systems (FACTS).
more »
The European Commission has authorised today under the State aid rules a Lithuanian scheme worth LTL 10 million (approximately EUR 2.9 million) aimed at supporting farmers who encounter difficulties as a result of the current economic crisis.
more »
The effects of the global food, fuel and economic crisis would be felt by Africa’s people for some time yet and it was important to persist with efforts to protect the most vulnerable while laying the foundations for future productivity and growth, World Bank Group President Robert B. Zoellick said Tuesday.
more »
Mongolia’s herders have learnt a hard lesson this winter; a lesson that can perhaps be applied to managing Mongolia’s economy.
more »
DnB NORD Bankas, the leader of the country’s in investment products market, raises initial margin ratio for repurchase deals for most actively traded Lithuanian and Estionian shares.
more »
With over 23 million unemployed in the Europe Union and the jobless figure having risen in every member state since last year, how Europe is coping with the crisis and the effect on pension systems were discussed on Thursday 28 January.
more »