“We see a series of instances of document forgery, we see lies both to us and surrounding organisations,” Gustainis said in the interview.
Although he did not name the exact amount of money that was embezzled but confirmed that it could exceed EUR 30 million.
As reported, in November 2023 BaltCap terminated the contract with Šarūnas Stepukonis, BaltCap Infrastructure Fund partner. The fund’s financial directors discovered misconduct and contacted the Lithuanian authorities.
It is thought that Stepukonis embezzled and gambled away money managed by the fund. BaltCap lodged a EUR 16.6 million lawsuit against Stepukonis and gambling company Olympic Casino Group Baltija, and its shareholder in Estonia OB Holding 1.
The investigation into Stepukonis activities is carried out by the Financial Crime Investigation Service (FNTT). It is overseen by the European Public Prosecutor’s Office.
Gedgaudas Norkūnas, prosecutor at the European Public Prosecutor’s Office, says now the main goal of the investigation is to establish the extent of damages inflicted.
The Bank of Lithuania has stated that BaltCap is an alternative investment management company registered in Estonia and supervised by the Estonian supervisory authority. For this reason the investigation is being carried out by the Estonian Financial Market Supervisory Authority, Lithuanian and European law enforcement authorities.
Among the Lithuanian financial market participants, SEB Investment Management and Swedbank Investment Management are known to have invested in the Infrastructure Fund managed by BaltCap. It is also known that the potential theft affected pension funds managed by the latter not only in Lithuania but also in other Baltic countries.
Aleksandras Nemunaitis, member of Vilnius City Municipal Council, claims that Stepukonis is currently fighting in Ukraine as a volunteer, whereas BaltCap is actively exploring options on how to withdraw from the National Stadium construction project in Vilnius as it is a concessionaire.
The construction permit for the National Stadium, also known as the multifunctional complex, was issued in May 2023. The construction of sports facilities in Šeškinė neighbourhood has to be completed in 2025.