MM Grupp will temporarily not be able to manage the property of Forum Cinemas for another year Business

The Council announced that it is still continuing its investigation into a possible violation of the Competition Law, following the suspicion that MM Grupp implemented the transaction without its permission.

“Pending the conclusion of the investigation, (…) it is necessary to extend the application of provisional measures in order to prevent significant and irreparable damage to effective competition in the cinema market,” the council said.

The council imposed interim measures on MM Grupp in April, including ordering it to manage all the assets and business of Forum Cinemas, allegedly taken over without the authority’s permission, for one year in a way that does not harm its economic viability, marketability or competitiveness.

“MM Grupp” appealed the council’s decision to the courts, but the Supreme Administrative Court of Lithuania (LVAT) finally rejected the company’s complaint last October.

In March 2021, MM Group was going to acquire 51 percent. (together with the held shares – 100%) shares of another company – “Forum Cinemas Lithuania”. Since the companies planning the transaction did not provide all the information on time, its examination was terminated and the companies did not receive permission for the transaction.

The Council suspects that MM Grupp decided to acquire Forum Cinemas by actually dividing the property of Forum Cinemas Lithuania and transferring it in separate parts to companies related to MM Grupp.