Lithuania to Allocate Additional Eur 0.5 Million for Litigation With Latvian Businessman

VILNIUS, March 12 (LETA--BNS) Lithuania plans to allocate another 0.5 million euros for litigation with Latvian businessman Olegs Roscins who turned to the Washington-based International Centre for Settlement of Investment Disputes (ICSID), seeking to recover 18.4 million US dollars (around 16 million euros) which a Lithuanian court handed over to the state.

Authorized to represent Lithuania at international institutions hearing the dispute, the Ministry of Justice would use the additional funds to cover legal costs and also for ICSID payments. The Finance Minister is asking to allocate the additional funds from the state's borrowed funds, with the Cabinet expected to make the final decision.

In January, the Ministry of Justice signed a contract with the consortium of law firm Volterra Fietta and Ellex Valiunas ir Partneriai on representing Lithuania at the ICSID hearing the Roscins dispute. The law firms need to be paid up to 36,000 euros, including VAT, every month. Besides, once an arbitration tribunal is formed, the ICSID needs am advance payment of around 100,000-150,000 US dollars (89,000-133,000 euros).

Roscins turned to the ICSID...