Client’s claim for damages, suffered due to M.Marcinkevicius’ actions, stopping the acquisition of the entities that control Akropolis shopping centres in Vilnius, Klaipėda and Šiauliai as well as other real estate, was satisfied fully. M.Marcinkevicius is ordered to pay an unprecedented amount of EUR 81.25 million.
In 2015, Vilniaus prekyba, UAB conducted negotiations regarding the acquisition of Akropolis shopping centres in Vilnius, Klaipėda and Šiauliai from a Maltese company Relvit Ltd. M.Marcinkevicius, a shareholder of Relvit, requested Maltese and Lithuanian courts to impose provisional safeguards and freeze the transaction, invoking an alleged violation of his shareholder rights.
During the application of the provisional safeguards, the market value of the enterprises, which Vilnius prekyba, UAB sought to purchase, increased significantly.
When the transaction was finally closed, the price of the assets acquired by the Client increased significantly and M.Marcinkevicius was requested to compensate this amount. The Vilnius Regional court satisfied the claim fully.
“It is an important court judgment for the business community of our region. While working with commercial disputes, we face cases where litigants ask for interim measures with a view to pursue ulterior motives, unrelated to their violated rights,” says partner Ramunas Audzevicius, who represented the Client’s interests in this case. “This judgment sends an important message that damages caused by such actions must be compensated,” added partner Justinas Jarusevicius.