Overview of the Legal Proceedings
AB Novaturas wishes to inform stakeholders about a significant ruling by the Supreme Court of Lithuania regarding its ongoing legal case with UAB GetJet Airlines over a charter contract. This case revolves around issues stemming from the performance of this contract, originally established on December 3, 2018. The Supreme Court's decision, passed on a recent date, aims to address several critical aspects of the contractual dispute.
Supreme Court's Ruling Details
In its latest ruling, the Supreme Court annulled specific decisions made by the Court of Appeal of Lithuania. These included the upholding of a previous judgment from the Vilnius Regional Court, which had called for the termination of the charter contract, effective January 1, 2021. The Supreme Court sent the case back to the Court of Appeal for further examination, indicating that the issues at hand could be revisited for clarity and resolution.
Financial Implications for Novaturas
Additionally, the ruling addressed financial penalties imposed on Novaturas by the Vilnius Regional Court, which had required the Company to pay GetJet EUR 1,150,000 in penalties, alongside accruing interest from the determined date. This part of the ruling was also annulled, and the matter was passed back for reconsideration, highlighting the complexity of the situation.
Next Steps in the Legal Process
The Court of Appeal now faces the challenge of reassessing the circumstances surrounding the performance of the charter contract, especially in light of the disruptions posed by the COVID-19 pandemic. This includes reviewing the legality and consequences of the contract's termination and the financial penalties involved.
Background on Novaturas' Operations
As the leading charter flights tour operator in the Baltic States, Novaturas Group plays a crucial role in offering both summer and winter travel packages to numerous destinations across the globe. With more than 30 locations served and over 100 organized tours, the Company had a successful financial year in 2023. The audited reports indicate revenues of EUR 208.3 million, serving approximately 259,000 passengers across Lithuania, Latvia, and Estonia.
Company Contact Information
For additional inquiries or clarifications, Darius Undz?nas, the CFO of Novaturas, can be contacted at +370 678 05749. The Company is committed to keeping stakeholders well-informed about ongoing developments as this situation evolves.
Frequently Asked Questions
What is the current status of the legal proceedings against GetJet?
The Supreme Court of Lithuania has annulled previous rulings and referred the case back to the Court of Appeal for further examination.
How does the ruling affect Novaturas financially?
Novaturas has had penalties annulled, but further financial implications will depend on the upcoming decision by the Court of Appeal.
What was the original date of the charter contract with GetJet?
The charter contract was established on December 3, 2018, between Novaturas and GetJet Airlines.
How many passengers did Novaturas serve in 2023?
In 2023, Novaturas served approximately 259,000 passengers across the Baltic States.
Who can be contacted for more information regarding the case?
Darius Undz?nas, the CFO of Novaturas, can be reached at +370 678 05749 for any further inquiries.
