Ukio Bankas Claims No Harm to Hearts Despite Liquidation
By iSportconnect | June 12, 2013
The administrator of Ukio Bankas has said he will not ‘harm Hearts’ despite the court in Lithuania upholding the decision to liquidate the bank.
Ukios Bankas holds 29.9% of clubs shares and Hearts owner Vladimir Romanov formerly controlled the company.
Romanov still has a controlling interest in investment group UBIG who own 50%.
Administrator Gintaras Adomonis of accountancy firm UAB Valnetas said: “Ukio Bankas has now to deal with lots of debts and return the funds to its creditors.
“In the ongoing processes we must at all times consider the best interest of the creditors of Ukio Bankas.
“Hearts of Midlothian Plc is one of the companies indebted to the bank. There are several possible alternatives to dealing with this case but our initial assessment indicates that most likely the most extensive return for Ukio Bankas creditors may be achieved by keeping the club operating.
Hearts are still in trouble however over an unpaid £100,000 tax bill and will find themselves with a winding-up order if it is not paid.