As Lithuanian pension funds are likely to have suffered losses as a result of financial damage caused to one fund by Sarunas Stepukonis, a former partner at private equity fund manager BaltCap, the central Bank of Lithuania assures that the country’s pension system is sound, saying that this an exceptional case that has to do with one person’s alleged criminal activity.
“Assessing the alleged unprecedented theft from BaltCap, the Bank of Lithuania wants to point out that this case is related to the alleged criminal activity by a BaltCap employee, and not to investments or pension systems,” the bank of Lithuania said in a statement on Wednesday.
It stresses that BaltCap is not a pension fund, but an alternative investment management company registered in Estonia and supervised by the Estonian supervisory authority, which is why the investigation is being carried out by the Estonian Financial Supervisory Authority, Lithuanian and European law enforcement authorities.
“BaltCap is not supervised by the Bank of Lithuania. Speaking of Lithuanian financial market participants, SEB Investiciju Valdymas and Swedbank Investiciju Valdymas are known to have invested in the BaltCap Infrastructure Fund. It is also known that the potential theft affected pension funds managed by the aforementioned companies not only in Lithuania but also in other Baltic states,” the central bank said, adding that the pension companies’ investments in the BaltCap were in line with common practices and requirements.
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