Lithuania mulls placing 2 more companies in administration

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Lithuania mulls placing 2 more companies in administration

The Finance Ministry has asked us to provide a broader evaluation. One Lifosa has already been placed under temporary administration and we also have similar intentions in relation to two more companies, he told BNS on Friday.

Fourteen companies in Lithuania have already seen their funds and shares frozen under EU sanctions for Russia and Belarus.

Petrauskas wouldn't elaborate on the companies that might be placed under temporary administration.

He said that an interim administrator could be appointed for companies with at least 10 million euros frozen because of sanctions, with a workforce of at least 500, or with economic, social or environmental activities posing certain risks, based on the criteria set out by the government.

Lifosa, the Kedainiai-based phosphate fertilizer producer, has been the only Lithuanian company to have been placed under temporary administration.

The list of companies that are frozen in Lithuania also includes Inter RAO Lietuva, an electricity supplier and its subsidiary Vydmantai Wind Park, IDS Borjomi Europe, a mineral water supplier, BMZ-Baltija, a logistics company, Faberlic Baltija, EM System, Amkodor Baltic, PhosAgro Baltic, Juru Laivybos Registras and SUEK Baltics, a subsidiary of Russia