| JSC Norvik Bank regarding efficiency and transparency of Latvia’s legal system and public institutions | |
|---|---|
| Lead NCP | Latvia |
| Supporting NCP(s) | |
| Description | Specific instance notified by JSC Norvik Bank regarding efficiency and transparency of the Latvia’s legal system and public institutions. |
| Theme(s) | Disclosure |
| Date | 1 Jul 2016 |
| Host country(ies) | Latvia |
| Source | Business |
| Industry sector | Financial and insurance activities |
| Status | Not accepted |
| Summary | Read the final statement issued by the Latvian NCP – September 2016 In July 2016 the Latvian NCP received a submission from JSC Norvik Bank, a commercial bank. The request was focused on the efficiency and transparency issues of Latvia’s court and judicial systems and actions taken by Prosecutor General’s Office, the Financial and Capital Market Commission and the Latvian State Revenue Service. More specifically, JSC Norvik Bank alleged that with regard to the dispute resolution between JSC Norvik Bank and Winergy Ltd., justice is being denied via a deliberately slow and inefficient process. The Latvian NCP concluded that the issues were not relevant to the implementation of the Guidelines and did not merit further consideration. The reason for the decision is that public institutions and judicial authorities mentioned in the specific instance cannot be considered multinational enterprises for the purposes of the Guidelines as they are not international in nature and are not engaged in commercial activities. Furthermore the issue being raised (denial of justice through inefficient process) is outside the scope of the recommendations of the Guidelines. On 7 September 2016, the NCP closed the specific instance and issued a final statement. #nationallaw |
