TGS Baltic squashed the damages claim of VAS Privatizācijas aģentūra against the shareholders of AS Grindeks in amount of EUR 1,903,294.80 allegedly caused by failure to make mandatory buyback offer in the appellate instance court
TGS Baltic successfully defended the shareholder of AS Grindeks by squashing the damages claim of VAS Privatizācijas aģentūra (Privatisation agency) against a shareholder of AS Grindeks, the amount of EUR 1,903,294.80 allegedly caused by failure to make mandatory buyback offering the appellate instance court. Although in fact, VAS Privatizācijas aģentūra (Privatisation agency) did not claim that its shares should be brought out via the mandatory buyback process at all. Vice versa the agency sold them upon its own discretion via the process upon its own discretion taking into account the requirements provided by applicable laws and legal acts.
The appellate instance court ruling is subject to appeal in the high court senate.
On 3 April 2019 the appellate instance court ruled against the damages claim of VAS Privatizācijas aģentūra and ordered VAS Privatizācijas aģentūra to compensate the litigation costs of both shareholders.
TGS Baltic Partner Ivars Grunte represented the shareholder. TGS Baltic Partner Nauris Grigals also consulted on the matter.
Grindeks, based in Riga, the Baltics, is a vertically integrated pharmaceutical company with the history from 1946. Its main fields of action are research, development, manufacturing, and sales of original products, generics and active pharmaceutical ingredients.
Company’s shares are listed on the Official List of Nasdaq Riga.
For more information, please refer to: https://grindeks.eu/company/about-grindeks/