Teo LT sues individual for 12 million litas

VILNIUS - The Lithuanian telecommunications company Teo LT is suing Vilnius resident Vytautas Petrauskas for an initial 12 million litas (3.48 million euros) in damages after Petrauskas’ court case against the municipal government delayed construction of the company’s new headquarters. Teo LT representatives said the sum was enough to cover the losses they incurred over a period of litigation with Petrauskas. They say that because they had already sold their old headquarters they had to continue renting space at a heightened rate. Petrauskas landed in the legal nightmare after taking action against the local authorities. The Vilnius municipal government did not inform him of the implications of the new construction. He sued the municipality, but lost and lost again on appeal — not beca...  Full story...

  Taking counsel: Deadbeat difficulties: Insolvency actio...
Since January 1, 2008, when the new insolvency law took effect, the number of insolvency applications has continued to rise. Most such applications are submitted by the tax authorities, but other creditors are with increasing frequency making insolvency applications against bad debtors. An application for insolvency may be submitted if certain preconditions that constitute indications of insolv...

  Norwegians buy Vilnius logistics center...
VILNIUS - Norwegian investment company NOR Property Investments AS has purchased Megarenta, the owner of a 30,000 square meter logistics center in Vilnius, for 78 million litas (22.5 million euros). NPD Industrial, which is owned by Inova Baltic, facilitated the purchase. NOR Property Investments AS is managed by real estate fund Orkla Finans. The buy is seen as a good find because of Lithuani...

  Hedge fund moves into consumer electronics...
TALLINN - GILD Arbitrage, the only multi-strategy hedge fund in the Baltics, has bought a minority stake in the Estonian electronics chain Enter for 2 million euros. Enter’s management says that the additional funding will enable Enter to continue expanding and growing sales in the Baltics. The investment is a sign that it is not all bad news in the Estonian economy, as GILD is still prepared to...

  Latvian Railways to split...
RIGA - The Latvian government has endorsed a 13 million-lat (18.5 million euro) plan to split the state-owned Latvijas Dzelzcels (Latvian Railways) into two separate companies as part of an effort to maintain control over the country’s transport services. The plan envisages transforming Pasazieru Vilciens (Passenger Train), currently fully controlled by Latvijas Dzelzcels, into an independent co...

  Megarenta bought by Norwegian company ...
VILNIUS - Norwegian investment company NOR Property Investments AS, has bought Megarenta, the owner of  a 30,000 sq.m. logistics center in Vilnius for LTL 78 million (EUR 22.5 million).   The logistics center was built in two stages in 2005 and 2006 and now is fully leased to companies including  Mineraliniai vandenys, Lithuania‘s largest alcohol and tobacco wholesale trader,...

  More passengers, more profits at Tallinn ports...
TALLINN - Half-year results from AS Tallinna Sadam, which runs the Port of Tallinn, for the first six months of 2008 amounted to EEK 252.6 million (EUR 16.1 million), an increase of net profit by EEK 23 million (EUR 1.5 million) or 10 % compared with the same period a year earlier. However, sales decreased by 5.7% to EEK 615.4 million and cargo volume passing through the ports decreased by 7 m...

  Ditton blasts media inaccuracy...
RIGA - The management board of JSC Ditton, the Daugavpils-based maker of driving chains, has taken the unusual step of issuing a statement that is sharply critical of what it says is inaccurate reporting of its affairs. On August 25th, the company said reports published by news agency LETA and the newspaper Dienas Bizness dating from October 2007 which suggested it was suspected of tax evasion ...

  Ditton blasts media inaccuracy...
RIGA - The management board of JSC Ditton, the Daugavpils-based maker of driving chains, has taken the unusual step of issuing a statement that is sharply critical of what it says is inaccurate reporting of its affairs. On August 25th, the company said reports published by news agency LETA and the newspaper Dienas Bizness dating from October 2007 which suggested it was suspected of tax evasion ...