TGS Baltic represents AB Lietuvos geležinkeliai against German insurance company Lampe & Schwartze K. G.

13.05.2019 TGS Baltic represents AB Lietuvos geležinkeliai against German insurance company Lampe & Schwartze K. G.

G. Lampe & Schwartze K. G. filed an action for damages and invalidation of transactions, requesting to order the national shipping company, AB Lietuvos jūrų laivininkystė, that provided maritime cargo water transportation services, and AB Lietuvos geležinkeliai to pay damages jointly and severally in accordance with the agreement concluded by and between Lampe & Schwartze K. G. and AB Lietuvos jūrų laivininkystė.

This case is interesting as the claim in respect of our client concerns the fact that AB Lietuvos geležinkeliai, by providing funding to AB Lietuvos jūrų laivininkystė and controlling payments, actually controlled AB Lietuvos jūrų laivininkystė (was a de facto manager), subsequently became its shareholder, thus causing damage to Lampe & Schwartze K. G. through joint actions. Given that bankruptcy proceedings have been initiated against AB Lietuvos jūrų laivininkystė and prior to the bankruptcy proceedings, AB Lietuvos jūrų laivininkystė mortgaged a vessel for the benefit of AB Lietuvos geležinkeliai to secure the fulfilment of its financial obligations, Lampe & Schwartze K. G. contests the mortgage transactions. AB Lietuvos geležinkeliai won the case before the court of first instance.