As a result of the threat posed to the safe and sound operation of Kevin EU, UAB and the interests of consumers, Lietuvos bankas appointed a temporary representative to supervise the activities of this payment institution and applied certain business restrictions.

Kevin EU, UAB is almost four months late in submitting audited annual accounts, has repeatedly postponed the deadline for their submission, has not provided auditors with the necessary information to complete the audit, fails to comply with the capital adequacy requirements and ensure adequate internal control.

Having assessed these facts, Lietuvos bankas appointed the private limited liability company Valnetas to supervise the activities of Kevin EU, UAB and instructed the institution to submit to Lietuvos bankas, by 30 August 2024 at the latest, the audited annual accounts for 2023, the decision of the General Meeting of Shareholders on the allocation of profit (loss), the auditor’s report and the audit report.

The appointment of a temporary representative means that all decisions of the heads of Kevin EU, UAB related to the activities of the institution will have to be taken only with the consent of the temporary representative, who will regularly update Lietuvos bankas on the activities of the institution. Lietuvos bankas notes that the temporary representative does not take over the management of the institution and that their appointment does not affect the existing customers and their access to services.

In addition, Lietuvos bankas has instructed Kevin EU, UAB not to provide payment services to new customers until it meets the capital adequacy requirements.

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