Supreme Administrative Court of Lithuania partly satisfied the appeal by the Company regarding decision of Bank of Lithuania
AUGA group, AB (legal entity code: 126264360, address: Konstitucijos pr. 21C, Vilnius; hereinafter – the “Company”) has received decision of the Supreme Administrative Court of Lithuania (hereinafter – the “LVAT”) regarding legality of the decision of the Supervision Service of the Bank of Lithuania, dated 15 February 2016, No. 241-38 (hereinafter – the “Decision”). Information on adoption and content of as well as appeal against the Decision was provided by the Company in notifications dated 18 February 2016 and 29 March 2016.
LVAT sustained part of the Decision, requiring the Company to re-evaluate true value of 100 per cent of shares in UAB “eTime invest”, used for payment of part of authorized capital of the Company, and in case the conclusion would have been reached that shares in the Company were not fully paid, to rectify situation as required according to applicable laws and regulations by 1 May 2016 m. The remaining disputed parts of the Decision (regarding warning and instruction to retrospectively correct financial accounts for year 2015) were referred back to a court of the first instance.
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