Banks, Energy, Financial Services, Latvia, Legislation

On November 12, 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.

Winergy has not revealed the sum it is claiming from Latvia.

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

"We are not happy to turn against the country where we have invested. We have operated successfully for years and paid more than EUR 1.2 million in taxes, as well as created numerous jobs in Riga and regions. However, in a situation where Latvian law enforcement authorities are acting in the interests of a single party, while the bank supervisor pretends not to see any violations, we are unfortunately forced to do this," Kuivallik stressed.