11/13/2007 Judicial Decision won't Clarify the Disputes between the UVS and the "Penki kontinentai"
Judicial Decision won't Clarify the Disputes between the UVS and the "Penki kontinentai"
Today the Supreme Court of Lithuania announces its decision in the case investigating whether the courts of lower instance have not made a mistake by obliging the "Penkiu kontinentu bankines technologijos" (BS/2) to sell the 50 percent of the shares of the "Kriptonika" company to another shareholder – the "Kapitalo valdymo grupe". This company belongs to the "Universalios valdymo sistemos" (UVS) group and the part of its property like the part of the property of the "Lukoil Baltija" was arrested following the decision that was made last Thursday.
The decision of the Supreme Court is final and inappellable. However, the jurists claim that no matter to which party the decision will be more favourable it will not end the arguments of the companies that over few years have developed into 70 judicial cases.
"We are convinced that the courts of lower instances have wrongly applied laws when the BS/2, which is the main creditor in the "Kriptonika" bankrupt case, was obliged to sell its shares. The malpractice of the BS/2 was not proven, and the decisions were based on unclear and ambiguous motivation. Therefore we believe that the Supreme Court will solve this issue," says Viktor Lavrinovic, the advocate of the "Penki kontinentai" group.
According to the advocate, even if the Supreme Court did not withdraw the obligations concerning the forced selling of the shares of the "Kriptonika", this fact would not affect the future disputes.
"Then the case would be submitted to the district court that would appoint experts to determine the value of the shares. However, it would not be possible to determine the value of the shares correctly until other cases remain unresolved. Until the value of the shares is not estimated, the BS/2 remains an authorized shareholder of the "Kriptonika". In the bankrupt case of the "Kriptonika" the BS/2 is its main creditor," says V. Lavrinovic.
He assured that the "Penki kontinentai" group will execute any authorized judicial decisions without reservation and stick up for its rights that are disputed by entities related with the UVS.