The case KVV Liepjas metalurgs owner Yevgenij Kazmin had against the state of Latvia has been put on hold, according to information from the State Chancellery.
The case itself was commenced following Kazmins request. It is related to the sale of assets of the insolvent Liepjas metalurgs to Ukrainian company KVV Group in 2014.
The State Chancellery reported that the International Centre for Settlement of Investment Disputes (ICSID) decided in a case of arbitration to satisfy Latvias plea and order Kazmin to submit a letter of guarantee for the reimbursement of Latvias legal expenses in the amount of EUR 3 million by 28 April 2020.
The tribunal of the court of arbitration outlined in the ruling that there are serious concerns if Kazmin we…
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