The court dismissed the claim, deciding that it has no prospects, and doubted whether it is specifically the audit company “BaltCap” that should be required to compensate for the losses.
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“BaltCap” lawyer Ramonas Raskas explained to the court that the Estonian branch of “PwC” could have prevented unjustified payments by the former fund partner Šarūnas Stepukonis from 2019 to 2023, writes vz.lt.
The audit company’s lawyer Martinas Jarve, in turn, stated that the auditor is not obliged to constantly monitor the internal processes of companies, as this is the responsibility of the companies themselves.
“PwC” was the auditor of the “BaltCap” infrastructure fund and last audited the fund’s annual reports in 2022.
BNS reported that Š. Stepukonis is suspected of embezzling more than 42 million euros from the companies of the “BaltCap” infrastructure fund. He lost most of this money in online gambling.
According to the Gambling Supervision Service, Š. Stepukonis gambled at the betting company “Olympic Casino” from December 2016 to June 2021 – from when gambling companies in Lithuania can no longer offer incentives to their clients that they would later lose.
According to the service, before this tightening came into effect, Š. Stepukonis’s virtual gambling from Lithuania was transferred to Estonia, where it was still allowed to encourage gamblers, thus avoiding supervision by the Lithuanian regulator.
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