Banks, Energy, Financial Services, Latvia, Legislation

The state plans to hire a legal services company, as Latvia has no experts competent enough for the case. Straujuma declined to reveal any details about the company or the price. "Of course, we need professional lawyers and criminal law experts who can defend our interests," she stressed.

At the same time, Straujuma was certain that the outcome will be favorable for Latvia. "I have information which allows me to draw such conclusions," the prime minister added.

As reported, Indrek Kuivallik, the owner of Winergy, filed suit against the state of Latvia on November 12, requesting no less than EUR 51 million in compensation. Kuivallik filed a compensation claim against Latvia at the International Court of Arbitration. The claim indicates that the Latvian government has violated the Estonia-Latvia Investment Protection Agreement.

Kuivallik says in his suit that Latvian institutions acted inadequately, lobbying the interests of a single party, namely, Norvik banka, in a civil dispute between two merchants.