This means that the company can no longer provide financial services. It must inform its clients about the settlement procedure within 5 working days at the latest, the Bank of Lithuania reported Thursday.
Although the company was no longer allowed to provide payment processing services, payment service users who were still not reimbursed by the company must apply directly to UAB Kevin EU for their refund. The funds must be returned to the account specified by a client opened with a credit or other electronic money or payment institution.
The Bank of Lithuania has found that the payment institution has failed to meet (and still does not meet) the minimum own funds and initial capital requirements for almost two consecutive quarters. This is a major breach of the legislation. Moreover, UAB Kevin EU failed to approve and provide a set of audited annual reports, although the Bank of Lithuania had issued a binding instruction to submit them by 30 August 2024.
The institution was found to be in serious financial difficulty and unable to settle with creditors. On 19 September, Vilnius Regional Court ordered the opening of insolvency proceedings against the institution.
Following the revocation of the payment institution licence of Kevin EU, the Bank of Lithuania also removed the public limited liability company Valnetas as a temporary representative which was appointed to supervise the activities of this payment institution on a temporary basis.