We represent Alfa bank, a creditor of Arvi ir ko, in debt recovery from Vidmantas Kučinskas and identifying possibly illegal acts by the businessman, who is suspected of financial fraud and was detained when crossing the border between Slovenia and Croatia on 15 July 2020. On 29 July 2020 it was announced that Kaunas Regional Prosecutor’s Office also started an investigation into V. Kučinskas being detained in Slovenia.
Important message to business community
Partner Laurynas Lukošiūnas, a representative of Alfa bank, says that Kučinskas’ detention sends an important message to the international business community.
Laurynas comments: “In 2019 Kučinskas was prosecuted for large-scale fraud in Russia and could receive up to 10 years in prison and a fine of millions of euros. Kučinskas’ detention and potential transfer to the law enforcement bodies of the Russian Federation may lead to prompt investigation and prevention of new offences. This detention sends an important message to the international business community – the days are over when someone could avoid responsibility by abusing ‒ or possibly falsifying ‒ data, transferring wealth to a relative, or establishing an offshore business.
Alfa bank together with other Lithuanian and foreign creditors have been actively disputing unfair transactions by Kučinskas’ asset transfers and seeking more than EUR 40 million in debt recovery as well as assessment of possible criminality.
Team representing the client
The client is represented by partner Laurynas Lukošiūnas and associate Greta Kubiliūnaitė.
Read more about the case:
- Landmark court decision: company sales transactions by V. Kučinskas annulled
- International arbitration court decision recognized and recovery of EUR 20 million from Vidmantas Kučinskas under way
- Court declares transaction between Vidmantas Kučinskas, owner of Arvi, and his son invalid and upholds civil claim of Alfa Bank
