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Published: 2018-03-01 16:20:00 CET
Zemaitijos Pienas
Notification on material event

Regarding the Decision of the Supervisory Service of the Bank of Lithuania

Telsiai, Lithuania, 2018-03-01 16:20 CET --  

 

AB Žemaitijos pienas (hereinafter the Company) has received Decision No. 241-38 of 28 February 2018 of the Director of the Supervisory Service of the Bank of Lithuania Regarding the application of enforcement measures upon AB Žemaitijos pienas(hereinafter the Decision). For the purpose of fulfilling the obligations set forth in the Decision the Company hereby publishes the Notice and discloses the information referred to in Item 4 of the operative part of the Decision (see the Annex to the present Notice).

Regarding Item 4 of the operative part of the Decision: The annual financial statements for 2017 were drawn up and published within the terms set forth in laws of the Republic of Lithuania.

The Company disagrees with the Decision of the Director of the Supervisory Service of the Bank of Lithuania, and believes that the failure to comply with formal requirements was caused by a difference in the interpretation of legal requirements, therefore the Company will appeal the Decision in the manner set forth by legal acts.

It should be noted that the Supervisory Service of the Bank of Lithuania indicated that:

  1. no instance of illegal generating of revenues had been established;
  2.  having familiarised itself with the conclusion of the investigation the Company did correct some irregularities regarding the disclosure of information, and took measures to improve the performance in this respect;
  3.  no circumstances aggravating liability have been established.

 

 

 

         Lawyer
         J.Jarmontovič
         8 444 22308


Extract from Clause 4 of the operative part of the Decision of the Director of the Supervision Service of the Bank of Lithuania No. 241-38 of 28 February 2018 .pdf