The Supreme Administrative Court of Lithuania, having examined the appeals by INVL Asset Management and the Bank of Lithuania in the appeal procedure, on 12 July issued a ruling upholding the decision of the Vilnius Regional Administrative Court dated 11 February 2020 whereby the first instance court had partly satisfied the appeal by INVL Asset Management, annulling part of the Bank of Lithuania fine on the Company in the amount of EUR 40,000 and rejecting the rest of the appeal as unfounded. 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.
On 14 May, the Bank of Lithuania took a decision to impose the fine on INVL Asset Management for irregularities related to the provision of investment services and investment fund management. This decision is not related to the operation of pension funds or alternative investments. The Bank of Lithuania took the decision after carrying out a routine inspection at the Company.
Further details about the material event can be found here.
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.