Economia
AB Akola group enters into an administrative agreement with the Bank of Lithuania
The Bank of Lithuania has entered into an Administrative Agreement with AB Akola group (hereinafter also the Company) and imposed sanctions in the form of a warning and instruction to make a public announcement, and the Company undertook to cease and remedy the breaches specified in the Administrative Agreement and to make a public announcement about the sanctions imposed on the Company.
The Bank of Lithuania, having carried out a targeted unscheduled inspection of the Company, identified the following breaches on the part of the Company, details of which are provided below:
AB Akola group has been issued with a warning on account of breaches of paragraphs 31 and 38 of International Financial Reporting Standard (IFRS) 15 and paragraph 13 of International Accounting Standard (IAS) 8:
AB Akola group has been instructed to make a public announcement on account of the breaches of Article 23 (1) of the Republic of Lithuania Law on Financial Reporting by Undertakings (as of 1 July 2024, similar requirements are established in Article 25 of the Republic of Lithuania Law on Financial Reporting of Undertakings and Groups of Undertakings), Clause 17 of the Rules on the Disclosure of Information approved by Resolution No 03-127 of the Board of the Bank of Lithuania of 22 August 2017 “Regarding the Approval of the Rules on the Disclosure of Information”, and Article 12(3) of the Republic of Lithuania Law on Securities:
Please contact for further information:
Mažvydas Šileika, CFO of AB Akola Group
Mob. +370 619 19 403
E-mail m.sileika@akolagroup.lt
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti