Energy, Estonia, Financial Services, Latvia, Legislation

The embassy's secretary Kristine Bieza told LETA that, following requests by Estonian company Wind One, which is the owner of Winergy, the Estonian ambassador to Latvia in October had a meeting with Prosecutor General Eriks Kalnmeiers to find out more about the investigation process.

The arrest of Winergy's property this past May was the reason why the company was declared insolvent in November, and it is possible that the company will go bankrupt, said Bieza.

Because of this, the embassy has requested additional information from the Latvian Foreign Ministry regarding the investigation in the case, and is waiting for the ministry's reply, said Bieza.

As reported, Riga Latgale District Court on November 4 approved insolvency proceedings at Winergy, a company that belongs to Estonia's "Wind One" and runs Latvia's largest wind park in Ventspils Region.

Creditors' claims against Winergy will be accepted for one month. Una Zakrevska has been appointed the company's insolvency administrator.

Winergy said, on the other hand, that the court ruling was no surprise and was to be expected, given officials' "failure to act" and Norvik Banka's continual attempts to have the company declared insolvent. Winergy's owner, "Wind One" has no choice but to sue the state of Latvia for breaching the Latvian-Estonian investment protection agreement.

On the other hand, Norvik Banka called the insolvency proceedings at Winergy "absurd". "This is yet another dishonest and harmonized move by the bank's debtor and fictitious creditor aimed at avoiding fulfilling its obligations. These fraudulent schemes are carried out in cooperation with insolvency administrators and possibly other involved persons," explained Norvik Banka.