AKROPOLIS GROUP, UAB - Notification on material event

Notification about the ruling of the Supreme Administrative Court of Lithuania

On 8 May 2024, the Supreme Administrative Court of Lithuania announced its ruling in an administrative case where Vingio turtas, UAB, an indirectly held subsidiary of AKROPOLIS GROUP, UAB, is a third party concerned.

In the said case the applicants requested reversal of the judgment of the court of first instance, which rejected the applicants’ application for annulment of relevant decisions of the Vilnius City Division of the National Land Service, by which it adjusted the boundaries and the area of Miškiniai strip village that existed before the nationalisation so that the land plot owned by Vingio turtas, UAB located at Geležinio Vilko St. 2, Vilnius, is no longer a part of it. The administrative case was initiated by the applicants seeking to implement the restoration of their ownership rights.

By its ruling of 8 May 2024, the Supreme Administrative Court of Lithuania rejected the applicants’ appeal and the Regional Administrative Court's 2024 February 22 decision, which was in favour of "Vingio turtas" UAB, left unchanged.

The decision discussed above will have an effect on the currently suspended civil case, where the same applicants (claimants), inter alia, challenge the transaction of 4 November 2005 for the acquisition of a land plot by Vingio turtas, UAB, where the development of the multi-functional complex Akropolis Vingis is planned, from the state. The validity of a part of the agreement for sale and purchase of state-owned land is disputed on the basis of the alleged violation of the claimants’ right to the restoration of ownership rights.

Litigation does not have an effect on the development of the Akropolis Vingis project. Considering the 8 May 2024 decision of the Supreme Administrative Court of Lithuania, the applicants (claimants) claims in the civil case should not be satisfied.

For more information:
Dominykas Mertinas
Head of Marketing and Communications
AKROPOLIS GROUP, UAB
+370 64027001
dominykas.mertinas@akropolis.lt