On Tuesday, 14 July, Ventspils Court declared that Winergy’s deal with Estonian Firepower company worth EUR 35 million is fictive. The court mentioned in the ruling that the true goal of persons involved in the deal was not making a legal transaction, but to mislead other people and avoid debt before Norvik Bank.
The claim in the case was originally submitted by Norvik Bank, asking the court to recognize the deal between Winergy and Forepower for the procurement of generators as void. The bank also asked the court to delete all pledges and mortgages fixed in favour of Firepower. The latter’s mortgage us currently fixed on Winergy’s owned wind park. The bank’s request has been satisfied to the full extent.
«It is interesting to know that the fictive creditor Fireport is registered in Tallinn, Estonia, on the same address as Wind One company (Tartu mnt 7-7, Tallinn). Wind One, on the other hand, serves as an investor for Winergy and is indirectly owned by fictive investor Indrek Kuivallik, who tried blackmailing the Latvian state with a an investment dispute. It has also been proven that Firepower is owned by Andrus Peterson – the same man who formed Winergy and later attracted an ‘investor’ Indrek Kuivallik. All of these facts cast a very bad shadow on the so-called Winergy investment dispute. Truth continues to prevail, but there is still a long way to go before interests of Norvik Bank and its clients are fully complied with,» – explains the bank’s governor Oliver Bramwell.
The first time the aforementioned case was handled by Ventspils Court was during Winergy’s legal protection process, which was meant to avoid having to coordinate the plan with Winergy’s largest creditor – Norvik Bank. Although the procurement contract between Winergy and Firepower provided for 13 generators worth EUR 35 million, Winergy pledged only a Renault car as guarantee for the deal, as reported by Norvik Bank.
Both Riga City Court and Latgale District Court had both admitted the fraudulent nature of this case and dishonest behaviour of parties involved in it. Ventspils Court was the first to assess this case in detail following a request from the bank. Ventspils Court has given Winergy and Firepower ten days comply with the court’s orders voluntarily.
«It is one of many processes in which Norvik Bank has been trying its hardest to ensure justice and protection of its interests. The dispute involving fictive creditors was one of the most serious ones. In parallel with protecting the bank’s interests, the bank also fought against fictive insolvency administrators who have been helping the fictive creditor achieve his goal since 2013,» – notes the bank.