On the decision of the Supreme Administrative Court of Lithuania concerning the fine imposed on INVL Asset Management by the Bank of LithuaniaVilnius, Lithuania, 2021-07-13 16:21 CEST --
INVL Asset Management, UAB
Material Event Notification
On the decision of the Supreme Administrative Court of Lithuania concerning the fine imposed on INVL Asset Management by the Bank of Lithuania
INVL Asset Management, UAB (hereinafter may be referred to as the Company) hereby informs you that on 12 July 2021 the Supreme Administrative Court of Lithuania issued a ruling whereby, having examined the appeals of the Company and the Bank of Lithuania in the appeal procedure, it decided to reject the appeals of the appellants and to uphold the decision of the Vilnius Regional Administrative Court dated 11 February 2020.
Having examined the Company's appeal for partial annulment of the decision of the Board of the Bank of Lithuania of 14 May 2019 whereby, following a targeted planned inspection by the Bank of Lithuania, the Company was fined EUR 140,000 and issued with a warning, by way of the aforementioned decision of 11 February 2020 the Vilnius Regional Administrative Court decided to partially uphold the appeal and annulled the part of the decision of the Bank of Lithuania whereby the Company was fined EUR 40,000, and rejected the remaining part of the appeal as unjustified. The final amount of the fine imposed on the Company is thus reduced to EUR 100,000.
INVL Asset Management notes that all of the irregularities and operational deficiencies identified in the resolution of the Bank of Lithuania on 2019 May 14 have been eliminated. The Company sets high operational standards, develops its asset management services in accordance with the legislation and aims to provide quality asset management and investment services in the interests of its clients.
Person authorised to provide additional information:
INVL Asset Management, UAB
Head of Legal
Darius Bačinskas
Email darius.bacinskas@invl.com
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