Dear Clients,

We herby informing you that, by the Resolution of the Board of the Bank of Lithuania of 08th March 2022 the Licence of Electronic money institution of Trustcom Financial UAB has been revoked and the court will be starting the bankruptcy proceedings.

The Board of the Bank of Lithuania has taken this decision on the base that the institution and its directors, no longer meet the statutory requirements of good reputation, as in relation to that, a pre-trial investigations has been initiated.

The Board of the Bank of Lithuania also pointed out that the institution had already received customer requests to refund the total amount of 2.3 million € which were not satisfied. The Bank of Lithuania did not specify in its decision that the institution due to objective reasons which are beyond its control, is currently unable to process the payments: precisely, the reason behind this, was as consequence of a freezing order jointly applied AS Industra Bank (Latvia), Latvian Financial Intelligence Unit (Latvijas Finanšu izlūkošanas dienests) and Italian Guardia di Finanza on the the institution client’s funds account .

Trustcom Financial UAB from its hand, ensures to its clients and to Bank of Lithuania, the full compliance with the law in terms of Clients funds protection; funds stored AS Industra bank (Latvia) are now subject of dispute with Latvian Financial Police which decided to start criminal lawsuit; as per now the Latvian Financial Police hasn’t come up with any formal allegation against the institution or its directors.

We will notify You as soon as we have more information.