Lithuania: BaltCap fund manager suspected of stealing EUR 30mn

Lithuania’s Vilnius City District Court has approved a request from the European Public Prosecutor’s Office (EPPO) to arrest Sarunas Stepukonis, former partner at Estonia-registered BaltCap Infrastructure Fund (BInF), BNS reports. Stepukonis is suspected of embezzling at least EUR 27mn from the fund. His current whereabouts are unknown. BaltCap has sued Stepukonis and casino operator Olympic Casino Group Baltija, seeking the return of EUR 16.6mn of financial assets and claiming around EUR 29.5mn in damages. Simonas Gustainis, managing partner at BaltCap, said that Stepukonis may have gambled over EUR 30mn of money stolen from companies managed by BInF. BaltCap fired Stepukonis in November 2023 due to financial misconduct that resulted in losses of more than EUR 100mn, ERR reported.