Proceedings have been disclosed to Olympic Entertainment Group (OEG), the operating company of Olympic Casino Group, the Lithuanian subsidiary of the Baltic gaming group, which believes that its subsidiary should face no action.
The dispute stems from an investigation into the gambling activity of Šarūnas Stepukonis, a former partner at investment firm BaltCap.
LPT, the Gaming Supervisory Authority of Lithuania, found five alleged breaches of gambling and anti-money laundering rules linked to his activity between December 2016 and June 2021.
The regulator says Olympic Casino failed to do enough to establish where the money Stepukonis was losing had come from. It also found that the company’s monitoring of his transactions was ineffective.
OEG is challenging the decision. Its Lithuanian subsidiary argues that the regulator has misread both the r..