The Bank of Lithuania restricted the activities of “Kevin EU” and appointed a temporary supervisor | Business

“Kevin EU”, UAB, is almost four months late in submitting the audited annual financial statements, postponed their submission deadline many times, does not provide the auditors with the necessary information to complete the audit, does not comply with the requirements of equity capital adequacy, does not ensure adequate internal control, writes the Bank of Lithuania.

After assessing these facts, the Bank of Lithuania appointed the closed joint-stock company “Valnetas” to carry out the supervision of the activities of “Kevin EU” and instructed the institution until 2024 at the latest. August 30 submit to the Bank of Lithuania the audited 2023 a set of annual reports, the decision of the general meeting of shareholders on the distribution of profit (losses), the auditor’s conclusion and the audit report.

The appointment of a temporary representative means that all decisions of the institution’s managers related to the activities of “Kevin EU” can only be made with the consent of the temporary representative, who will constantly provide the Bank of Lithuania with information about the institution’s activities. The Bank of Lithuania points out that the temporary representative does not take over the management of the institution, his appointment does not affect existing customers and their ability to use the services.

In addition, the Bank of Lithuania instructed the institution not to provide payment services to new clients until Kevin EU meets the requirements of equity capital adequacy.