The central bank stated that Kevin EU is more than five months late to submit audited annual financial reports, cannot fulfil pecuniary obligation to creditors and ensure the continuity of activities. Having assess the information it received, the Bank of Lithuania concluded that a risk has emerged to stable and reliable activities of payment processor Kevin EU and to the interests of its clients.
In order to safeguard consumer interests, starting 13 September until further notice the central bank instructed Kevin EU not to provide incoming payment processing services when receiving funds of payment service users to accounts opened in the name of Kevin EU for carrying out payment operations or storing their funds.
In July, the central bank appointed the company Valnetas to monitor Kevin EU activities and obliged the company to submit audited reports for 2023 no later than by 30 August 2024.
News website delfi.lt reported in August that court has received three statements over Kevin EU bankruptcy, while the Labour Inspectorate received 62 employee complaints.
In 2022, Kevin EU reported a loss of EUR 15.2 million and had EUR 144,366 sales revenue. As of 12 September, it had a debt of EUR 420,600 to the State Social Insurance Fund Board.