The Estonian foundation from which Stepukonis allegedly misappropriated was not monitored

During the press conference organized on Monday for Lithuanian journalists, K. Kessler indicated that about 30 million people Šarūnas Stepukonis, former partner of the BaltCap Infrastructure Fund suspected of embezzlement, was able to use two Estonian funds, two portfolio of these funds in Poland and six in Lithuania. The names of the companies were not disclosed.

“As for the two Polish companies and the six Lithuanian companies whose funds were allegedly misappropriated, they were not supervised by us, they were established in Lithuania or Poland.

Investments in these companies were made through the Usaldusfond BaltCap Infrastructure Fund, which included funds from European institutions and professional investors from the Baltics. This investment fund was managed by OU BaltCap Infrastructure Management. The latter company is registered in Estonia, but again it was not and is not under the supervision of an Estonian authority, it did not have a license.

At this time, JSC “BaltCap” is monitored in accordance with the requirements of the European Union, which states that a license must be obtained if a certain fund size limit is exceeded (500 million euros – ELTA). BaltCap received such a license in 2023. in August,” said K. Kessler.

According to the Estonian Register of Legal Entities, 100 percent BaltCap Infrastructure Management shares are owned by BaltCap.

When Elta asked how the Estonian controller could supervise a joint stock company without the companies it owns, K. Kessler replied: “We know that possible embezzlement took place from 2018 to 2023. All this s is produced in unsupervised funds and companies. AS “BaltCap” received the license – in 2023. August 7

It is important to note that the entire fund structure (including BaltCap Infrastructure Management) has not been transferred to BaltCap to date. One of the conditions when obtaining a license is that under which funds will be transferred from other legal entities.

K. Kessler emphasized that BaltCap Infrastructure Management was and is not supervised and does not have the necessary license.

“There was no financial control. These types of companies have to provide certain reports, but they are only used for macroeconomic analysis,” he added.

Andres Kurgpoldas, member of the board of directors of the Estonian Financial Supervision and Decision-Making Authority, who also participated in the press conference, noted that it cooperates with the Bank of Lithuania.

“We explained to them what part of the BaltCap structure we oversee and which companies are not there,” he said.

ELTA reminds that BaltCap is currently facing reputational problems after the termination of the contract with BaltCap’s former partner Infrastructure Fund Š. With a stepladder. He is suspected of having embezzled around 30 million euros. euros, at least part of which could have been lost by the casino.
It was reported on Monday that Sh. Stepukonis is detained, the court allowed his detention for 14 days.

The Vilnius District Prosecutor’s Office announced on Friday that it had opened a preliminary investigation in 2022 after receiving information from the Paysera LT company regarding Š. 3.9 million was transferred to Stepukonis’ account from the Polish company. euros. According to the prosecution, it was later established that the money had been transferred during the sale of shares, so the investigation was closed, but it resumed last week.

Source: The Delfi





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