Winergy premises searched

The Rīga and Mārupe offices of wind-farm power producer Winergy as well as the private home of its board chairman Jānis Vanks were searched by police officials, reported LTV news program Panorāma Wednesday evening.

The company executive told Panorāma he had no information regarding the reasons for the shake-downs.

As reported, in November the wind-park developer, through its primary owner Estonian Indrek Kuivallik submitted a complaint to the United Nations Arbitration Court UNCITRAL against the Latvian state government for breaching the bilateral trade treaty on mutually promoting and protecting investments.

Kuivallik is asking for more than €51m as a compensation for his losses due the dispute with creditor bank Norvik, whom he accuses of attempting to raid Winergy in bad faith, with the Latvian government looking the other way, if not facilitating the take-over.

Winergy set up Latvia’s largest wind-power park in Ventspils district soon after its founding in 2008, afterwards rotating through a number of different owners, finally becoming the property of Estonian company Wind One, with some shares still retained by former owner, Malta-registered Aeolus Investments.

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Economy
Economy