Supreme Court Ruling Strengthens Position of AB KN Energies

Supreme Court Decision on AB KN Energies Case

In a significant ruling, the Supreme Court of Lithuania has delivered a verdict on a criminal case that involved AB KN Energies, formerly known as AB Klaip?dos Nafta. The court assessed damages that the company endured from 2008 until 2010, amounting to EUR 7,834,044.85. The decision reaffirmed the convictions of several individuals for their roles in actions that resulted in financial harm to the company.

Convictions and Financial Repercussions

The court's decision upheld the convictions of individuals, including Arturas Urbutis, Antanas Urbutis, Svetlana Popova, and others connected to the case. Notably, Jurgis Aušra, who served as the Chief Executive Officer of AB Klaip?dos Nafta at the time, along with former Commercial Director Ri?ardas Milvydas and UAB "Naftos grup?" representatives, were also implicated in these criminal activities. The Supreme Court's firm stance indicates a commitment to holding parties accountable for unlawful actions that adversely affect corporations.

Clarification on Compensation for Damages

The Supreme Court clarified the handling of compensation regarding lost income resulting from these criminal actions. It specified that such matters should not follow the procedures outlined in the Lithuanian Criminal Procedure Code. Instead, these do not constitute material damages under that framework, shedding light on the legal processes involved in addressing corporate losses due to crime.

Financial Award for Unjustified Actions

In an important aspect of the ruling, the Supreme Court ruled in favor of AB KN Energies by awarding the company EUR 105,025.95. This amount pertains to issues related to the unjustified issuance of credit invoices to UAB "Naftos grup?." This award underscores the court's recognition of the tangible impact of the unlawful actions on the company.

Future Actions for AB KN Energies

The management of AB KN Energies has expressed respect for the Supreme Court's decision, viewing the ruling as a positive step. With individuals responsible for the criminal activities convicted and a portion of the damages awarded, the company is poised to take further action regarding the remaining damages. The Supreme Court has empowered the company to seek resolution through civil proceedings, allowing them to protect their interests effectively.

Management's Commitment

Jurgita Šilinskait?-Venslovien?, Chief Corporate Affairs Officer for AB KN Energies, emphasized the company's commitment to safeguarding its interests. She indicated that the management will evaluate the situation thoroughly and make decisions that align with the company's operational integrity and strategic goals.

About AB KN Energies

AB KN Energies operates in the energy sector, focusing on delivering innovative solutions while maintaining stringent compliance with regulations and commitment to corporate governance. The company aims at fostering growth and sustainability in its operations while ensuring accountability across all levels.

Frequently Asked Questions

What was the Supreme Court's ruling regarding AB KN Energies?

The Supreme Court upheld the convictions of several individuals who caused damage to AB KN Energies and awarded the company a financial compensation related to unjustified actions.

What amount was awarded to AB KN Energies by the court?

AB KN Energies was awarded EUR 105,025.95 for the unjustified issuance of credit invoices to UAB "Naftos grup?".

Will AB KN Energies pursue further compensation?

Yes, the management has expressed intentions to pursue further compensation through civil proceedings as permitted by the Supreme Court's ruling.

Who are the key individuals involved in the case?

The case involved several individuals, including Arturas Urbutis, Antanas Urbutis, Svetlana Popova, and the former executives of AB Klaip?dos Nafta.

What does this ruling mean for AB KN Energies?

This ruling validates the company's stance on accountability and sets a precedent for addressing financial damages resulting from criminal activities in the corporate sector.

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