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
The World Bank is seeing a surge in demand from borrowers seeking the Bank’s expertise to mitigate currency and interest rate risk.
more »
The European Commission has approved under EU state aid rules a Lithuanian package intended to stabilise the markets as a response to the global financial crisis.
more »
Total cereal production in 2010 should be close to the average from the last five years. While the yield per hectare will be 5% above average, overall cultivated areas have decreased.
more »
According to the unaudited data, AB Bank SNORAS profit prior to provisions and tax exemption within the first half of this year comprised LTL 51 million, the bank formed almost LTL 48 million provisions.
more »
The European Commission today approved two applications from Denmark for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Investment Bank today signed two loans for a total amount of EUR 150 million in support of small and medium-sized enterprises (SMEs) in Turkey.
more »
On 23 July 2010 the Board of the Bank of Lithuania permitted Bank SNORAS to register a change to the articles of association related to the increase of the authorized capital of the bank by LTL 82.3 million up to LTL 494,217,107.
more »
Heads of State and top officials from the Central American Integration System and World Bank Group President, Robert B. Zoellick, agreed to join efforts towards regional cooperation and integration and adopted a comprehensive agenda that includes an action plan with more than 20 specific measures.
more »
The Executive Board of the International Monetary Fund (IMF) today approved the full cancellation of Haiti’s outstanding liabilities to the Fund, of about SDR 178 million (equivalent to US$268 million).
more »
The Executive Board of the International Monetary Fund (IMF) today completed the third review of Latvia's performance under an economic program supported by a Stand-By Arrangement (SBA).
more »