The Supreme Court of Lithuania (LAT), based on the interpretation of the Court of Justice of the European Union (CJEU), on May 27 did not change the decisions of the lower courts and finally stated that sanctions can be applied to a company if 50% of its shares are controlled by a sanctioned person.
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“European Union sanctions can also be applied to a company when a sanctioned person owns exactly 50% of the company’s shares. Such a share allows presuming control over the company’s funds, therefore banks are obliged to freeze these funds,” the court announced on Thursday.
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