Zemaitijos Pienas - Notification on material event

Regarding the decision of the Vilnius Regional Administrative Court

On July 08, 2021 the Vilnius Regional Administrative Court adopted a decision (Administrative Case No. eI4-3121-1047 / 2021) in a dispute between Žemaitijos Pienas AB and the Bank of Lithuania. This decision was taken after the Supreme Administrative Court of Lithuania returned the case to the first instance court on April 14, 2021, and the dispute was examined regarding the disclosure of compliance with the principles set out in the Corporate Governance Code of Nasdaq Vilnius AB and regarding the legality and reasonableness of sanctions.

 On July 08, 2021 after re-evaluating the positions of the parties to the dispute, the Vilnius Regional Administrative Court decided to satisfy in part the complaint of Žemaitijos Pienas AB - to reduce the fine of EUR 125,500.00 imposed on Žemaitijos Pienas AB by Decision No. 241-38 “Regarding the application of the sanction on Žemaitijos Pienas AB” of the Director of the Supervisory Authority of the Bank of Lithuania of February 28, 2018; the other part of the complaint was dismissed.

 The company analyzes the decision, evaluates its motives and in the near future will decide on the (non-) prospects of appeal.

Gintaras Keliauskas

Tel. 8 687 18399