"RSE Holding AG is requesting compensation in the amount of 11 million euros. Latvia denies these allegations and emphasizes that changes in question have been made in full compliance with all international obligations incumbent upon Latvia," said a press release from the State Chancellery.
It's not the first time RSE Holding and Latvia have been at loggerheads – a previous case in 2014 related to the takeover of Parex bank and its subsequent division into two successor institutions.
The Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL) adopted in 1976 apply to this arbitration. The parties have agreed that the arbitration will be administered by the Permanent Court of Arbitration – PCA Case. 2022-41. The Tribunal is composed of three arbitrators: Ms. Sabina Sacco (nominated by Latvia), Dr. Richard Happ (nominated by RSE Holding AG), and Ms. Erica Stein (President of the Tribunal, appointed by the co-arbitrators). In this arbitration, Latvia is represented by the State Chancellery and the international law firm Squire Patton Boggs.