TGS Baltic has represented Lithuanian Orion Asset Management in a case concerning a EUR 40,000 fine imposed by the Supervisory Authority of the Bank of Lithuania.
According to TGS Baltic, “the Vilnius Regional Administrative Court ruled that Orion Asset Management had not violated the law by concluding several transactions on its own account in shares of investment companies and investment fund units and, therefore, annulled the fine imposed by the Bank of Lithuania. It should be noted that the decision is not final, it can be appealed.”
TGS Baltic’s team included Partner Agnius Pilipavicius, Senior Associate Tadas Varapnickas, and Junior Associate Ieva Bilotaite.
Editor's Note: On January 5, 2023, TGS Baltic announced that the Bank of Lithuania's appeal saw "the Supreme Administrative Court uphold the findings of the Vilnius Regional Administrative Court and dismiss the appeal in full." The firm's updated team included Partner Agnius Pilipavicius and Associate Partners Tadas Varapnickas and Karolina Lapinskaite.