A new turn in the VP Group: Ž. Marcinkevičius sold his shares

2016 - 04 - 04

A new turn in the VP Group: Ž. Marcinkevičius sold his

Mr. Žilvinas Marcinkevičius, one of the founders, is leaving the Vilniaus prekyba (VP) Group which controls one of the largest retail chains in the Baltic States and many other companies.

His shares were purchased by Bertona Holdings Limited founded in Cyprus. It has been stated that the transaction includes all companies within the group whose major shareholder is Mr. Nerijus Numavičius.

The businessmen have confirmed one of the largest business transactions recently, but have not provided any more details. As far as DELFI is aware, the transaction was concluded on Thursday, the 3 rd March, but all formalities will be completed as late as in April. 15% of the shares owned by Mr. Ž. Marcinkevičius were purchased by Bertona Holdings Limited for an undisclosed amount.

Wanted more time to spend with his children and peace

It has been stated that Mr. Ž. Marcinkevičius offered to have his shares purchased himself. When asked what the reasons behind such decision were, the businessman said it was down to personal circumstances.

“Every stage in life has its beginning and its end. It is time I and my wife Eda, whom I would like to express my gratitude to for her patience and endurance in living the history of our business together, made such a decision. I would like to dedicate myself to new challenges which require a degree of concentration and spend more time with our children than I used to spend before. I feel I owe them this”, – said the businessman in this comment sent to DELFI.

Mr. N. Numavičius who is considered to be the wealthiest person in Lithuania, whom they had launched the business whilst studying at medical school with, claimed that the management of the group will be easier after the sale of shares.

“On one hand, the management of the group (after the transaction for the sale of shares – ed.) will become easier and more efficient. On the other hand, I am convinced that the group will miss Žilvinas’ brilliant insight and ideas and it is unlikely we will be able to find a replacement for him”, – he said.

Mr. Ž. Marcinkevičius did not reveal what he was going to do with the cash received from the sale of a shareholding of one of the largest company groups in the country. Born in 1967 in Šakiai and grown together with brothers Gintaras and Mindaugas and sister Rūta, Mr. Ž. Marcinkevičius has been recently avoiding publicity and has spent some time in Ireland. However, he currently lives in Lithuania.

To the question whether the sale of shares will have any impact in the proceedings between his brother and his former business partners, Mr. Ž. Marcinkevičius responded vaguely: “Unsolicited advice may be considered as an attempt to manipulate. But if I was asked to give advice, I would always share my opinion with either party to the dispute in connection with the issue they are concerned about in good faith and to the extent I can be unbiased”.

Mr. N. Numavičius did not tell much more as to the mentioned issue either. He said that the transaction did not have anything to do with the claims made by Mr. M. Marcinkevičius.

Has no other offers

It has been stated that the signatures of Mr. Ž. Marcinkevičius and Mrs. Diana Dominienė, the representative of Bertona Holdings Limited, have affixed their signatures to the transaction.

According to the latter, after the company has acquired 15% shareholding owned by Ž. Marcinkevičius, 6 natural persons remain investors of Vilniaus prekyba and its affiliated companies group: N. Numavičius, V. Numavičius, I. Staškevičius, M. Bagdonavičius, M. Marcinkevičius and G. Marcinkevičius.

“At the completion of the transaction, the number of shares to be acquired by Bertona Holdings Limited may be different because after the signing of the mentioned agreement each and every one of the remaining shareholders of the group will be able to exercise their right of pre-emption to acquire these shares”, – informed Mrs. D. Dominienė.

According to her, currently “no rational offers in line with the business logics have been received as yet; however, should there be any such offers, we would definitely consider them”.

DELFI reminds that in August last year Mr. Mindaugas Marcinkevičius declared in the media that the companies and shareholders of the VP Group had allegedly been engaged in non-transparent activities and could have had evaded tax.

At the same time, other heads of the VP considered the accusations made in public to be as part of the aggressive leaving strategy invoked by one of the group’s shareholders Mr. M. Marcinkevičius.

2016: New stage for the VP Group

Relationship between well-known businessmen has not always been acceptable.
Mr. Ž. Marcinkevičius became notorious at the time when he was managing the LEO LT energy project that was accepted with controversy by the public.

Many learnt that he was stepping down as vice president of the VP Group only from the press release in the media signed by Mr. N. Numavičius himself.

“In November 2007, Mr. Ž. Marcinkevičius, the former vice president of the VP Group, released misleading information in the media that the plans for disrupting the national investor Leo LT had been prepared at the MG Baltic Group and accused D. Mockus of collaborating with residents of foreign secret services in Lithuania. “On behalf of the VP Group, I personally apologise Mr. D. Mockus, his family, partners and employees of the MG Baltic Group for the act of the persons representing the VP Group”, – wrote Mr. N. Numavičius in his release published in the daily papers in August 2009.

Since summer last year, Mr. N. Numavičius had to respond in the public to the accusations of Ž. Marcinkevičius’ brother Mindaugas that the companies and certain shareholders within the VP Group had allegedly been evading tax on numerous occasions.

There are several proceedings pending before the Lithuanian and foreign courts in relation to this matter and the State Tax Inspectorate (STI) has informed of the tax inquiries. The businessman who got married for the second time last year only confirmed that currently he and his wife live in a rented house in Weybridge, one of the suburbs of London. “It is the only permanent residence of our family. Due to family circumstances, we are not planning to change our permanent residence in the near future”, – he said.

Article in Lithuanian:
http://www.delfi.lt/verslas/verslas/vp-grupeje-naujas-posukis-savo-akcijas-pardave-z-marcinkevicius.d?id=70592590

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