Lithuania’s Regional Administrative Court has reduced Olympic Casino Group Baltija’s €8.4m fine to €1.19m over regulatory violations linked to former BaltCap partner Šarūnas Stepukonis’ gambling activity.
The ruling found that the company had committed some of the violations identified in the regulator’s decision but concluded that the original penalty had not been calculated in accordance with the applicable legal requirements.
Stepukonis is suspected of embezzling around €42m from several BaltCap-managed companies, with large sums spent on gambling. He gambled with Olympic Casino between 2016 and 2021. The scandal affected Lithuanian and Estonian pension funds that invested in BaltCap.
The LPT found that Olympic Casino failed to adequately establish the source of Stepukonis’ funds and fined the operator in March 2025. Apparently, the transactions contained several signals that should have raised the casino’s suspicions.
The court recognised mitigating circumstances. The judges noted that the operator had introduced measures to address money laundering risks before the regulator’s inspection. In 2021, the company adopted a money laundering prevention policy, conducted a risk assessment and cooperated with the regulator by providing requested information.
The ruling does not eliminate the operator’s regulatory liability. Instead, it concerns the fine amount imposed by the LPT. The decision remains subject to appeal.
The LPT disagrees with the ruling and plans to appeal. Arnoldas Dilba, the LPT’s Head of Legal, Personnel and General Affairs Department, confirmed this to local media, stating: "We intend to appeal the decision to a higher court regarding the size of the fine."
Dilba further added: "The damage amounted to €6.4m - the amount lost in Lithuania, with Olympic. This was the basis for the fine. When calculating the fine, an aggravating circumstance was taken into account - the company did not cooperate during the inspection."
In an earlier, separate Lithuanian court ruling, it was found that the operator failed to comply with responsible gambling requirements and did not intervene despite signs of gambling addiction.
The Lithuanian regulator also noted that Olympic failed to report suspicious transactions to the country’s Financial Crime Investigation Service
