Arbitration Institute has adjudicated on claims from former CEO Fredrik Zetterström
As previously informed, the company’s former CEO Fredrik Zetterström has initiated arbitration and demanded compensation equivalent to EUR 378,105 from Latvian Forest, citing a profit-sharing agreement.
The Arbitration Institute has ordered Latvian Forest to pay to Zetterström EUR 309,165.5 less any taxes and fees that may amount to the amount, plus interest on the amount under the Interest Act p.4 and p.6, from September 26, 2019 until payment is made. Latvian Forest Company AB shall also compensate Fredrik Zetterström with 1,002,028.75 SEK whereof 800,000 SEK for agent fees, 1,623 SEK for expenses and 200,405.75 SEK for VAT plus interest on the amount according to Interest Act p. 6 from this day until payment is made.
The parties shall also be obliged to pay fees jointly and severally to Fanny Gleiss Wilborg amounting to EUR 17,235 excluding VAT and EUR 5,836 plus VAT to the Arbitration Institute of the Stockholm Chamber of Commerce.
Latvian Forest Company is currently analyzing the judgement and decision on whether it will be appealed will be taken within the next few weeks.
For further information contact
Aleksandrs Tralmaks, CEO
+37129203972
[email protected]
Or visit our website: www.latvianforest.se
This information is such information that Latvian Forest Company AB (publ) is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on May 17, 2019 at the time of the above contact person.