Maxima owners to take shareholders' dispute to Luxembourg court
Monday, January 25, 2016
Lithuanian businessman Mindaugas Marcinkevičius, a minority shareholder in the company that operates the country's biggest grocery chain Maxima, is to go to the Luxembourg courts to contest a €90-million loan at below-market interest rates that the company extended to Luxembourg-registered businesses owned by another shareholder.
The move of billionaire Nerijus Numavičius, Lithuania's wealthiest person, to the UK has raised questions about how the tax agreements between the two countries, designed to avoid double taxation, will apply in Numavičius' case.
The Swedbank group is the highest-valued company in the Baltic states. The company's worth grew 22 percent over the last year to reach EUR 3.9bn. It tops the list of the ten highest-valued companies in Lithuania, Latvia and Estonia.
The private holding company Vilniaus Prekyba UAB, one of the largest Lithuanian groups of private companies and owner of the international retail chain Maxima, has rejected reports in the media that the company is using tax evasion schemes.
Nerijus Numavičius, chairman of the management board at VP Grupė which owns grocery store chain Maxima, remains the richest person in Lithuania with estimated assets of 1.3 billion euros, according to a list of the country's wealthiest people published by the IQ magazine.
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