Bank of Lithuania
2019-02-15
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ADB Compensa Vienna Insurance Group fined
After assessing the inspection results of ADB Compensa Vienna Insurance Group, the Board of the Bank of Lithuania imposed it a fine of €20,000 for violations of legal acts and disclosure of misleading information related to its financial condition in the supervisory reporting and financial statements.

The company did not follow the requirements of legal acts when assessing the share value of its subsidiaries, which led to the company’s solvency ratio being significantly higher.

It did not compile consolidated financial statements and not prepare consolidated annual report; in separate financial statements the company provided reasons that are unsupported by facts for not having to prepare consolidated financial statements. 

ADB Compensa Vienna Insurance Group is obligated to eliminate any legislative infringements and operational deficiencies identified during the inspection by 1 May 2019, and infringement of the Law of the Republic of Lithuania on Consolidated Financial Reporting of Companies identified during the inspection – by 1 August 2019.

Licence of a payment institution issued
The Bank of Lithuania has granted ValorPay, UAB a payment institution licence authorising it to offer the following payment services provided for in the Republic of Lithuania Law on Payments: direct debits, card payments, credit transfers, issuance of payment instruments and/or acquisition of payment transactions and money remittances.

The company’s shareholders are two natural persons from United Kingdom and Switzerland.