Vitas Vasiliauskas, the head of Lithuania's central bank, has been asked to provide an explanation to the Seimas after it was reported that he represented an offshore company linked to Russia's oligarch Nikolai Tsvetkov before becoming the head of the bank.
Vitas Vasiliauskas
© DELFI / Šarūnas Mažeika

The Seimas' Social Democrats want to find out what responsibility Vasiliauskas should take for his past and the Order and Justice group will consider initiating a special parliamentary inquiry into whether he breached any laws by representing the offshore company.

On Monday, reported that Vasiliauskas had represented an offshore company linked to Tsvetkov before his appointment as the Bank of Lithuania's governor, citing leaked data from the Panama law firm Mossack Fonseca.

Vasiliauskas did not deny the validity of the documents and admitted having represented a number of offshore companies. However, he said that he had not done anything illegal or immoral.

According to the website, Vasiliauskas was authorized to operate on behalf of Redder Investments, a company registered in the British Virgin Islands, between early 2006 and late 2007. He could open a bank account in SEB Bank and had access to information needed to operate these accounts.

Founded in 2004, Redder Investments was owned by Dutch-registered Nikoil Asset Management B.V. Uralsib IB Holding AG, a Swiss company of the Russian group Uralsib, became its sole shareholder at the end of 2005. Uralsib was created through a merger between Uralsib Bank and Nikoil Finance. Tsvetkov was Uralsib's main shareholder.

Nikoil represented Russia's oil major Lukoil in its talks on the acquisition of Lithuania's crude refinery Mažeikių Nafta.

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