38 Lithuanian travel agencies warned over insufficient equity capital
Thursday, November 27, 2014
The State Tourism Department has issued written warnings to 38 travel agencies because they do not meet a provision of the Law on Tourism requiring to keep equity capital of at least half of a company's authorised capital.
As yet another tourism company unexpectedly terminated its activities on Friday, Lithuanian President Dalia Grybauskaitė says that the State Tourism Department (VTD) has not learned from its mistakes of the past, while the competence of the institution's heads is very questionable.
The Lithuanian State Tourism Department on Friday suspended the license of Fresh Travel after the travel agency, operating under the brand Plius Travel, had informed the authority that it was unable to meet its obligations.
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