We defended the interests of our client AB Lietuvos Radijo ir Televizijos Centras Telecentras against Darnu Group regarding the EUR 6 m real estate sale transaction. The Supreme Court of Lithuania acknowledged that the transaction was valid. Congratulations to Kęstas Žičkus and the team, who were involved in this case only in the appeal stage and ensured the victory of the client in both courts.
This lawsuit shows that real estate developers take risk of the contracts with the third parties when purchasing real estate. In the present case, the dispute arose after the National Land Service refused to lease the state own plot of land to the purchasers. After this court practice, developers will require to either structure transactions appropriately by introducing safeguards or to assess the prospects of contracts with the third parties prior to the transaction.