Baltic fund sues former partner, casino operators for $18 million [Reuters]
SWEDBANK AB S/ADR (SWDBY)
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Source: Reuters
misappropriated 16.7 million euros ($18 million), some of which is in the hands of two casinos, a Vilnius court spokesperson said. The BaltCap companies have asked the court to order the former partner, Sarunas Stepukonis, and the casinos to return the 16.7 million euros, plus 6% interest, the spokesperson said. The court filing has not been made public. Simonas Gustainis, managing partner at BaltCap who has taken over management of the Infrastructure Fund, was quoted as telling newspaper Verslo Zinios on Thursday the fund believed "the protection and warning systems" against money laundering and "pathological gambling tendencies" had failed to be triggered at the casinos. Gustainis did not respond to a Reuters request for comment. Stepukonis, who has not commented publicly on the allegations, did not answer Reuters' phone calls. Lithuania-registered Casino Olympic Group Baltija, one of the two gambling companies challenged in the lawsuit, told Reuters by email on Monday it
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