Investments, Latvia, Legislation, Real Estate

The claim has been filed by Rixport owners: Norwegian companies EBO Invest, Rox Holding and Staur Eiendom. In the second half of the 2000s, Rixport wanted to develop a modern and competitive complex of hotels, offices and conference halls next to Riga airport, but the plan was never implemented.

Rixport blamed the project’s failure on the Riga airport administration, its constantly changing plans, requirements and terms. Rixport had already filed a lawsuit against the airport, seeking more than EUR 25 mln in compensation, but the court rejected this claim, ordering at the same time Rixport to pay EUR 3.7 mln to Riga airport, which had filed a counterclaim.

Now, the Rixport owners are seeking justice in the ICSID. The application has been registered on December 6, and the Latvian Transport Minister features as defendant in the case.

LETA was told at the ministry that such investment claim has indeed been received and, based on Prime Minister Markis Kucinskis’ (Greens/Farmers) instructions, the Transport Ministry has been taking measures to ensure the protection of Latvia’s interests and representation in the arbitration process.

Representatives of Riga airport indicated that the company is not in the position to give comments on the circumstances of this particular case, because formally the airport is not a party involved in the legal dispute.

Rixport, established in March 2006, has a share capital of EUR 1.999 million. Its owners include Norwegian companies EBO Invest, Rox Holding and Staur Eiendom.