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2021-04-15 13:00:00 CEST 2021-04-15 13:00:00 CEST REGULATED INFORMATION Zemaitijos Pienas - Notification on material eventRegarding the decision of the Supreme Administrative Court of Lithuania
By the decision of 28 February 2018, the Director of the Supervisory Authority of the Bank of Lithuania imposed a sanction on AB Žemaitijos Pienas - a fine of EUR 158,000 for violations of the norms of the Law on Securities of the Republic of Lithuania. By the ruling of 27 July 2018, the Vilnius Regional Administrative Court reduced the fine imposed to 138,000 Euros. On 14 April 2021, the extended panel of judges of the Supreme Administrative Court of Lithuania, having examined the appeals of AB Žemaitijos Pienas and the Bank of Lithuania, upheld them partially. This court amended the decision of the Vilnius Regional Administrative Court of 27 July 2018 as follows:
to overrule the part of the ruling of the Vilnius Regional Administrative Court of 27 July 2018 regarding the disclosure of incorrect information on the observance of the principles established in the Corporate Governance Code and refer this part of the case to the court of first instance for reconsideration;
Among other things, the Supreme Administrative Court of Lithuania instructed the Vilnius Regional Administrative Court to reconsider the issues of the sanction applied.
Gintaras Keliauskas
Lawyer
Tel. +370 68718399
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