2022-03-14
Licence of TRUSTCOM FINANCIAL, UAB has been revoked; an insurance business license issued to INVL Life, UAB.
Licence of TRUSTCOM FINANCIAL, UAB has been revoked and a court will be seized to open bankruptcy proceedings
Having regard to the fact that pre-trial investigations have been initiated in Lithuania, Latvia and Italy on the grounds that the Head of Administration and a member of the Board of TRUSTCOM FINANCIAL, UAB (who jointly are the sole indirect beneficiaries of the electronic money institution) may have organised money laundering and no longer meet the statutory requirements of good repute while the institution no longer carries out licensed financial activity and has no appropriate decision-makers, the Board of the Bank of Lithuania has revoked the licence of this institution.
This means that the company will no longer be able to provide any financial services. Between 11 November 2021 and 24 February 2022 the institution had already received customer requests to repay the total amount of 2.3 million € that were not satisfied. Having regard to the fact that TRUSTCOM FINANCIAL, UAB is in default, the Bank of Lithuania will seize a court with a view to opening bankruptcy proceedings against the company.
A licence has been issued
The Board of the Bank of Lithuania has issued an insurance business license to INVL Life, UAB entitling it to pursue life insurance activity and provide investment life insurance services.
In accordance with the agreement between the Finnish life insurance company Mandatum Life Insurance Company Limited and Invalda INVL, AB, the life insurance business of Mandatum Life Insurance Company Limited in the Baltic States will be transferred to INVL Life, UAB. The expected takeover of insurance market shares in terms of premiums written, based on the latest data available, is about 4%, 2% and 8% of the Lithuanian, Latvian and Estonian life insurance markets respectively. In Latvia and Estonia, INVL Life, UAB will operate through established branches.
The sole direct shareholder in INVL Life, UAB is Invalda INVL, AB.