Baltic, Legislation, Markets and Companies, Retail

Palink representative, law offices Borenius senior lawyer Sigita Kravale said that Palink would issue further comment after receiving a full ruling. Kravale added though that two lawsuits are already being investigated over the grounds on which the claims were made against Palink by Sergejs Guscins, who was assigned the right to claim money from Palink by the company by Landekss. Palink has more than enough money to pay the amount claimed by Guscins, but it has not been done as Palink deems the claims unfounded, said the lawyer, writes LETA.

The company emphasizes that the insolvency ruling is absurd. The dispute between Palink and Landekss is already being reviewed by courts, and there are no grounds for claiming that Palink owe Landekss anything before this legal dispute is resolved.

The next court session to review the legal dispute between Landekss and Palink is scheduled for May 2012.

As reported, the insolvency case against Palink was opened following a petition filed by private individual Sergejs Guscins, who claimed that Palink had not paid for work done by the construction company Landekss.

Palink turnover in 2010 was LVL 73 million, which is 65.9% more than in 2009 when the company turned over LVL 44 million.

The company's losses reduced 62.1%, from LVL 8,130,874 in 2009 to LVL 3,080,870 in 2010.