aA
Over 100 Lithuanian residents have lost hundreds of thousands of euros while investing via Cyprus company Royal Forex LTD and its investment platforms GMO trading, but the central Bank of Lithuania admits chances of recovering the money are slim, the public broadcaster LRT's investigation division reports.
Over 100 Lithuanians lose money while investing via Cyprus' company
© Reuters/Scanpix

Royal Forex LTD is registered in Cyprus and operates under a license issued in this country, meaning that the Bank of Lithuania cannot restrict activity of the Cyprus-based main company or its subsidiary in Lithuania, in response to residents' complaints. But the central bank has already turned to Cypriot watchdog institutions and Lithuania's criminal police over this company, and the police institution is carrying out an investigation.

Ilja Kremer, head of Royal Forex Limited's Lithuanian subsidiary, told the LRT the Lithuanian branch does not accept any responsibility for lost funds as it only registers clients. In his words, some clients have already received compensation payouts standing at around 10 percent of the lost money.

Lithuanian banks registered over 230 investment fraud cases last year, and their clients lost around 2.3 million euros, figures from the Association of Lithuanian Banks show.

BNS
Naujienų agentūros BNS informaciją skelbti, cituoti ar kitaip atgaminti visuomenės informavimo priemonėse bei interneto tinklalapiuose be raštiško UAB "BNS" sutikimo neleidžiama.

Delfi’s Lie Detector – the best fact-checking success story in Europe, to be introduced at international Facebook event

Delfi team from the project Lie Detector , which fact-checks the content distributed on social...

Grigeo Klaipeda faces fine up to EUR 5 mln

A year after Grigeo Klaipeda, a Klaipeda-based cardboard producer that is part of the Grigeo group,...

Minister says temporary economic difficulties due Belarus sanctions 'justified'

Lithuanian Economy and Innovation Minister Ausrine Armonaite says that temporary economic difficulties...

US institutions' probes of commercial banks come into Lithuanian lawmakers' focus

Lithuanian lawmakers vow to look into the situation around US institutions' alleged investigations...

MP: Belarusian spa's workers must understand the risks

Employees of Belorus, a Belarusian state-owned spa whose bank accounts have been frozen due to EU...

Top news

Presidential adviser: Lithuania goes back to idea of developing long-term strategy on Belarus

Foreign Policy Coordination Council under the Lithuanian presidential office has proposed going back...

Defense vice-minister calls 'to shift discourse' to reliable technology suppliers

Lithuanian Deputy Minister of National Defense Margiris Abukevicius has called 'to shift discourse' to...

Ministry regrets over subsidies paid to promoters of Russian singers’ concerts

Daina Urbanaviciene, Lithuanian Deputy Minister of Culture and former chair of the Lithuanian Council...

1149 new COVID-19 cases

On Thursday, 1 149 new coronavirus cases were recorded in Lithuania. In total, the country has already...

Delfi’s Lie Detector – the best fact-checking success story in Europe, to be introduced at international Facebook event

Delfi team from the project Lie Detector , which fact-checks the content distributed on social...