TERMS of settlement have been reached in the protracted legal dispute
between Polish shipyard Stocznia Gdanska, Latreefers
and the Latvian
Shipping Company ("Latco"). The settlement, the terms of which remain
confidential, brings to an end a long-running legal battle which has been
fought out in the English and French courts over a period of years. The
Latvian interests were represented throughout by Lawrence Graham
. Ince &
Co represented the Polish yard.
The dispute centred on the shipyard's claimed entitlement to damages
arising from the failure of Latreefers, a wholly owned subsidiary
of the Latvian
Shipping Company, to meet contractual payments under a $170 million, six
reefership order placed with the Gdansk yard in 1992 and subsequently
Stocznia Gdanska arrested in France several
vessels belonging to Latco or
subsidiary companies in an attempt to enforce its claims against Latvian
Shipping Company. Most arrests were subsequently lifted but the remaining
two vessels still under arrest as a consequence of the dispute, the "RAZNA"
and the "TAGANROGA", have now been released.