Following this announcement, the Bank of Lithuania appointed Valneras to temporarily supervise the activities of Kevin EU, UAB, while also applying certain business restrictions. The initiative took place due to the overall threat to the safe and reliable activities of Kevin EU, UAB, and the interest of clients.
According to the official press release, Kevin EU, UAB is almost four months late in the process of submitting the audited annual accounts, and it has repeatedly postponed the deadline for their submission. This does not provide the auditors with the needed information for completing the audit, and it does not comply with the requirements on the adequacy of equity capital, while also not ensuring proper internal control.
With this information, the Bank of Lithuania appointed the private limited liability company Valneras in order to supervise the activities of Kevin EU, UAB. The institution was instructed to submit to the bank an audited set of annual reports for 2023, the decision of the General Meeting of Shareholders on the distribution of profits (losses), as well as the auditor’s report and the audit report no later than by 30th of August 2024.
At the same time, the appointment of a temporary representative means that all the decisions of the heads of the institution related to the activities of Kevin EU, UAB will be allowed to be made only with the consent of the temporary representative. In addition, the institution will constantly need to provide the Bank of Lithuania with information about the activities of Kevin EU, UAB.
The Bank of Lithuania also notes that the temporary representative does not take over the management team of the enterprise and that its appointment will not affect existing customers and their overall ability to use the services.
However, while Kevin EU, UAB does not meet the equity adequacy requirements, the Bank of Lithuania has instructed the institution to not offer its payment solutions to new customers and users.
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