We assisted and represented our client concerning the recognition and enforcement in Latvia of a partial award of the International Chamber of Commerce (ICC) arbitration court.
The essence of the matter
Our client, in partnership with a Latvian company, entered into a concession agreement with the government of Egypt regarding gold mining. Our client had a shareholder’s dispute with its Latvian partner, which was adjudicated at the ICC arbitration court. Later, the client obtained a Partial Award in the ICC arbitration proceedings, which was binding and enforceable.
We obtained positive results before two Latvian courts and successfully recognised and enforced the partial award in Latvia under the New York Convention. The case is unique as Latvia had no stable jurisprudence regarding recognising and enforcing partial arbitral awards. With this case, the Latvian courts have established a precedent where partial awards are also duly recognised and enforced by Latvian jurisdiction. In addition to this, we provided legal advice regarding insolvency, liquidation and corporate law aspects.
Partner Valts Nerets led the Sorainen team. The client was advised and represented by senior associate Katrīna Salmgrieze, and associates Elvis Grinbergs and Artūrs Kazāks.