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International Internet Magazine. Baltic States news & analytics Saturday, 16.01.2021, 14:03

Alumina Zvornik to repay almost EUR 18 mln debt to Baltijos Stiklas

BC, Vilnius, 29.09.2020.Print version
A Vilnius court has ordered Alumina Zvornik, a Bosnia and Herzegovina company linked to Vladimir Romanov, the former majority shareholder of bankrupt Ukio Bankas, to repay a debt of almost 18 million euros to Baltijos Stiklas, a Lithuanian wholesaler of glass containers, which was involved in the relending of Ukio Bankas funds to Alumina Zvornik, informs LETA/BNS.

On September 21, Vilnius Regional Court satisfied Baltijos Stiklas' lawsuit and ruled that Alumina Zvornik must repay 14.545 million euros in debt to the Lithuanian company and also 3.405 million euros in interests and 6% in annual interests on the debt amount.

Alumina Zvornik and related Bosnia and Herzegovina's bankrupt alumina plant Birac Zvornik had asked the court to deem the transactions null and void but the court rejected the request.

In October and November, 2011, Baltijos Stiklas transferred 14.6 million euros to Alumina Zvornik. Lithuania's Supreme Court ruled back in 2016 it was one of the transactions that created possibilities for Ukio Bankas to indirectly issue a loan to Alumina Zvornik. Ukio Bankas issued this loan to Boslita, a Kaunas-based, alcohol producer, in October, 2011, and it later relent the money to Baltijos Stiklas which then transferred the money to Alumina Zvornik.

The Supreme Court noted that Boslita and Baltijos Stiklas acted dishonestly as they were already aware of Ukio Bank'as limited lending capacity but ruled that the agreement between Ukio Bankas and Boslita on 14.6 million euros was not sham and ordered Boslita to repay the funds, which Boslita has already done.

Alumina Zvornik acknowledged in court it had received 14.6 million euros from Baltijos Stiklas but claimed it was not the intended recipient of those funds as it immediately transferred the money to another company. Alumina Zvornik said Lithuanian court have confirmed that this transaction was part of a scheme of fictitious transactions aimed at embezzling Ukio Bankas' funds, therefore, it should be deemed null and void.

Vilnius Regional Court underlined that under the rulings of Lithuanian court that have already come into force, the transactions in question are deemed legitimate and in force, and the ruling have been recognized in Bosnia and Herzegovina, therefore, there's no basis to reconsider the legitimacy of these transactions. Moreover, Alumina Zvornik and it related company Birac Zvornik has failed to provide the court with any basis for invalidity of the transactions in question.

The ruling can be appealed with the Lithuanian Court of Appeal within 30 days.

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