TGS Baltic has successfully represented Klaipedos Nafta before the Siauliai Regional Court in a dispute regarding the award of company shares to its employees.
Klaipedos Nafta is an energy resource logistics company operating in the Baltic States.
According to the firm, “the plaintiff, defending the public interest, requested that the rules and agreements on granting shares of Klaipedos Nafta – a state-owned company – be declared invalid on the basis that state-owned companies cannot grant shares to their employees.”
“The Siauliai Regional Court that settled the claim stated that Klaipedos Nafta had used exclusively its own (company’s) and not state property when paying a part of the annual bonus to employees in the form of shares,” TGS Baltic informed. “Therefore, the legal acts regulating management, use, and disposal of state property cannot be applied to such share granting and, therefore, dismissed the claim and awarded Klaipedos Nafta its litigation costs.”
TGS Baltic previously represented Klaipedos Nafta before the Lithuanian Court of Appeal in a case worth EUR 6 million in damages (as reported by CEE Legal Matters on April 1, 2020).
The TGS Baltic team included Partner Agnius Pilipavicius, Chief Expert Vytautas Zelianka, Senior Associate Tadas Varapnickas, and Associates Audinga Liekyte and Berta Kasetaite.