Banks, Financial Services, Legislation, Lithuania
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Friday, 29.03.2024, 14:25
200,000 EUR fine for insider dealing for exec of Vilnius-listed dairies
The Supervision Service of the Bank of Lithuania has concluded that Linas Strėlis, member of the board of AB Vilkyškių pieninė and AUGA group, AB, has used inside information to enter into transactions on the acquisition and sale of shares of AB Žemaitijos pienas. In addition to this, he has involved his family members in such unlawful transactions as well. Therefore, Linas Strėlis has violated the prohibition against the use of inside information, set out in the EU Market Abuse Regulation.
Linas Strelis describes the fine as "absurd", but says he does not know yet if he will contest it in court, writes LETA/BNS.
"I regard it as absurd. The deadline (for appeal) hasn't yet passed," Strelis told. "All appeals cost money. The pros and cons need to be weighed up".
"There are no such precedents in Lithuania and abroad, to (my) lawyers' knowledge," he added. "A precedent is being created in this case and this has to be looked at from this point of view."