Unprecedented example of very high value cross-border fraudulent transactions

Our team represented one of the largest Lithuanian beverage producers and a well-known Lithuanian glass manufacturing company in a dispute related to the validity of fraudulent bank transactions and the validity of several fraudulent loan agreements. The applicants were challenging these actions and requested that they be declared null and void.

The case is an unprecedented example of very high value cross-border fraudulent transactions. The parties are a currently bankrupt commercial bank and entities related to the bank itself, including foreign companies. A very important precedent was formed in this case by assessing the burden of proof that needs to be provided when proving fraudulent transactions. In addition, this case had an impact on the scope of the criminal responsibility of the former bank’s shareholders and executives, some of whom have already fled the country.