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COBALT successfully represented the interests of the Isle of Man company Vintage Holdings Limited in the case initiated by BAB Ūkio bankas and BUAB Ūkio bankas investicinė grupė

2021-02-04

COBALT successfully represented the interests of the Isle of Man company “Vintage Holdings Limited“ in the proceedings initiated before the Lithuanian courts against BAB “Ūkio bankas“ and BUAB “Ūkio bankas investicinė grupė“.

The case involved extremely large monetary claims for both damages and the award of debt and interest. In a lawsuit filed by BAB “Ūkio bankas“, it claimed damages of more than EUR 14.515 million and interest exceeding EUR 4.361 million from the Isle of Man company “Vintage Holdings Limited“. BUAB “Ūkio bankas investicinė grupė“ claimed more than EUR 31.606 million in debt, interest and default interest from the Isle of Man company.

The Kaunas Regional Court and the Court of Appeal of Lithuania decided to dismiss in their entirety as unfounded both the claim of BAB “Ūkio bankas“ and the claims filed by BUAB “Ūkio bankas investicinė grupė“ against “Vintage Holdings Limited“. The courts concluded that no damage had been caused to BAB “Ūkio bankas“ and that no violations had been committed by “Vintage Holdings Limited“. The courts of first instance and appellate instance also ruled that BUAB “Ūkio bankas investicinė grupė“ has no right of claim against “Vintage Holdings Limited“ for debt, interest and default interest.

A complex international dispute was referred to the Supreme Court of Lithuania. By its ruling of 29 January 2021, the Supreme Court of Lithuania put an end to the case and, supporting the decisions of the lower courts, confirmed that the claims expressed by BAB “Ūkio bankas“ and BUAB “Ūkio bankas investicinė grupė“ in the case were unfounded. 

The COBALT team prepared all procedural documents, represented the client in court and advised the client on the international jurisdiction of the case and other issues related to the case. The team consisted of Partner and Head of Commercial disputes practice group Marius Inta and Senior Associate Dr Vaidas Kontrimas.