According to vz.lt, it is so far unclear to what extent the new investor would participate in the project.
“We believe that other people could continue constructing and developing the National Stadium,” BaltCap Managing Partner Simonas Gustainis told Verslo žinios.
However, he did not say whether the entire project might be transferred to the new investor or if the firm is looking for a financial partner.
According to the publication, BaltCap has spoken at least with two specific investors who were not named publicly.
As reported, in November 2023 BaltCap terminated the contract with Šarūnas Stepukonis, BaltCap Infrastructure Fund partner. The fund’s financial directors discovered a misconduct and contacted the Lithuanian authorities.
It is thought that Stepukonis embezzled and gambled away money managed by the fund. BaltCap lodged a EUR 16.6 million lawsuit against Stepukonis and gambling company Olympic Casino Group Baltija, and its shareholder in Estonia OB Holding 1.
The investigation into Stepukonis activities is carried out by the Financial Crime Investigation Service (FNTT). It is overseen by the European Public Prosecutor’s Office.
The Bank of Lithuania has stated that BaltCap is an alternative investment management company registered in Estonia and supervised by the Estonian supervisory authority. For this reason the investigation is being carried out by the Estonian Financial Market Supervisory Authority, Lithuanian and European law enforcement authorities.
Among the Lithuanian financial market participants, SEB Investment Management and Swedbank Investment Management are known to have invested in the Infrastructure Fund managed by BaltCap. It is also known that the potential theft affected pension funds managed by the latter not only in Lithuania but also in other Baltic countries.
