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Vidmantas Kuinskas, Chairman of the Board, President and CEO of the Arvi Moni Group. Photo by Vladimir Ivanovo (V)
Russian bank Alfa Bank announces the evaluation and reporting of Vidmantas Kuinskas shares by a Lithuanian businessman seeking legal action.
Updated and supplemented by the comment of L. Lukoin, an attorney representing Alfa Bank
Back in 2019. In Russia, millionaire V. Kuninskas has been prosecuted for large-scale torsion. According to the statements, V. Kuinskas faces up to 10 years in prison and a fine of one million. The arrest of V. Kuinskas and his possible transfer to the law enforcement agencies of the Russian Federation helped to quickly investigate the relevant acts and order the execution of various new crimes, says Laurynas Lukoinas, a partner in Sorainen, a firm. of lawyers representing Alfa Bank.
His comment was circulated shortly after the announcement that Kuinsk had been arrested in Slovenia. The BNS news agency announces that it has received such confirmation from three unrelated sources.
The Lithuanian Foreign Ministry informed BNS on Friday that a Lithuanian citizen had been detained in Slovenia, but did not indicate his identity.
According to data protection, we can only confirm to the extent that a Lithuanian citizen detained in Slovenia on Friday is unable to provide more detailed information, said Rasa Jakilaitien, a representative of the Foreign Ministry.
According to unofficial data, the businessman was arrested in Russia.
The Foreign Ministry website states that V. Kuinskas is the Honorary Consul of Russia in Lithuania.
Accused of Deliberate Deception
According to the lawyer L. Lukoin, the fraud case presented by the Russian police agencies requires that V. Kuinskas’ actions to obtain loans from the bank may show signs of a criminal act.
In order to obtain financial benefits for his company, V. Kuinskas may have deliberately sent misleading documents to bank representatives about the financial condition of Arvi NPK registered in Russia. This may have been crucial in evaluating credit risk and in making decisions to lend to the company.
Inside 20 million. EUR
Total 2012-2015 Alfa Bank has granted several loans to Arvi NPK, for a total of 20 million euros, including interest and penalties. EUR. Precisely for the breach of financial obligations, the Lithuanian businessman seeks to reach Alfa Bank, according to the lawyer’s comment.
According to L. Lukoin, V. Kuinskas’s legal attempts to avoid liability for compliance with obligations in the arbitration courts of Lithuania and London have so far been unsuccessful. The London Court of Arbitration ruled that businessman Alfa Bank must pay more than £ 20 million. EUR. The decision was also confirmed by the Lithuanian Court of Appeal.
Alfa Bank has sued V. Kuinskas in international and Lithuanian courts since 2015. Alfa Bank has not only defeated V. Kuinskas’ illegal transaction, which aimed to hide assets. Alfa Bank is not the only creditor of Arvi seeking to obtain available loans from a Lithuanian entrepreneur and related companies. The total amount of the Arvi Group’s debt with international creditors can reach more than 40 million. EUR. Arvi’s creditors include Belor, a German trading company, JP Serbijagas, a Serbian gas company, Vertical in Switzerland and others.
V. Kuinskas has previously called the accusation tactics chosen by Alfa Bank the necessary accusations against him in Russia.
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