Sorainen represented Russian commercial bank Alfa Bank in a case concerning recognition of a London Court of International Arbitration decision in Lithuania. After the Lithuanian Court of Appeal decided in favour of our client, the forced recovery of EUR 20 million from the owner of Arvi group, Vidmantas Kuèinskas, is under way.
The decision of the Lithuanian Court of Appeal authorizing execution of an award by the London Court of International Arbitration announced in February came into force on 29 November.
Comments Sorainen partner Laurynas Lukošiūnas: “The court upheld Alfa Bank’s claim to the full extent. Vidmantas Kuèinskas has tried to prevent recognition and authorization of the international arbitration award through various accusations against the bank. However, all of his arguments were rejected as absolutely unfounded.”
In 2012–2014 Alfa Bank granted several loans to fertilizer production company Arvi NPK, based in Kaliningrad and indirectly managed by Vidmantas Kuèinskas, who personally guaranteed the loans. In April 2016 the bank requested early repayment of the loans, interest and penalties. The company’s refusal to comply caused a dispute concerning guarantor’s liability, which was settled in the London Court of International Arbitration.