aA
Vilnius Municipality and the municipal heat supply company Vilniaus Silumos Tinklai (VST) are seeking 560 million euros from France's Veolia, a former operator of the Lithuanian capital's heating sector, in their Stockholm arbitration dispute, up from the previously announced amount of over 400 million euros.
Veolia
Veolia
© AFP/Scanpix

"Our claim amounts to 560 million euros for the benefit of VST and the city," Vilnius Mayor Remigijus Simasius said at a news conference on Tuesday, adding that the claim is backed "by serious arguments".

According to the mayor, the main arbitration hearings will be held between August 17 and September 4 this year.

"Those two weeks at the end of August are crucial," he said.

Under an agreement signed by the municipality and VST, most of the legal costs in the arbitration dispute will be covered by Profile Investment, a Luxembourg-registered venture capital fund. Its success fee will depend on the amount awarded.

Veolia (former Dalkia) operated Vilnius' heating grid between 2002 and 2017 via its local subsidiary, Vilniaus Energija. Vilnius Municipality took over the assets in 2017 when the 15-year lease expired and now holds almost 100 percent of shares in VST.

Veolia, in turn, is claiming 22 million euros in damages from the city.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Lobbyist seeks EUR 228,000 from state over law-enforcement actions

Andrius Romanovskis, president of the Lithuanian Business Confederation (LBC), has filed a lawsuit...

Klaipėda FEZ joins the civic air quality monitoring initiative

Klaipėda Free Economic Zone (FEZ) has installed the air monitoring hardware and software, integrated...

Lithuanian Airports review: the year 2020 of the biggest challenges for aviation

In 2020, 1.8 million people travelled through all three Lithuanian Airports, which is 72% less...

Paysera expands to Spain: company established, to be followed by a client service network

The Lithuanian-born e-payment network Paysera is expanding to Spain, where the company Paysera España...

Novaturas to relaunch trips from Baltics to Tenerife, Egypt in February

Novaturas, a leading Baltic tour operator, is set to relaunch charter flights to resorts in Tenerife...

Top news

Justice minister to push for regulation of sex change procedures

Lithuanian Justice Minister Evelina Dobrovolska is planning to submit a bill to regulate gender...

Randy Thanthong-Knight | D+

Thailand sold itself as a paradise Covid retreat. No one came

It’s hard to imagine a more luxurious place to spend two weeks of quarantine than the Anantara...

Lobbyist seeks EUR 228,000 from state over law-enforcement actions

Andrius Romanovskis, president of the Lithuanian Business Confederation (LBC), has filed a lawsuit...

R. van Voren. Trump, and his curious Russian support

Now that Trump has settled in his opulent “palace” on the Florida coast and, consequently, the...

Dulkys: lockdown could be extended until early March

Lockdown in Lithuania could be extended until early March and the relaxation of restrictions will...