JPM confirmed a huge victory for the Lithuanian client Alita. After 10 years of battle, the Supreme Court of Cassation set aside of Final Award issued the Foreign Trade Arbitration Award, and eventually released our client on a commitment to settle a claim totaling EUR 68 million. JPM dispute resolution team was led by partner Djordje Novčić.
In 2007, Alita, jointly with Sweden’s United Nordic Beverages, purchased a controlling stake in BIP (Beogradska Industrija Piva) from the Serbian Privatization Agency, that in early 2010 accused the companies of failing to meet their investment commitments and buy out minority shareholders and, terminated the privatization contract. In November of the same year, it filed a claim for damages totaling 67.8 mln euros with the Serbian arbitration.