On Thursday, the Court upheld restrictions imposed on Alita and its shareholders by Kaunas Regional Court in mid-May 2012.
In the court's opinion, the restrictions are proportionate to a lawsuit filed by Cyprus' Plass Investment, in which the minority shareholder contests a deal in which FR& R Invest took over a majority stake in Alita by converting the group's debt into equity.
Following the unfavorable ruling by the Court of Appeals, FR&R Invest and Junevičius cannot vote on decisions regarding increasing or reducing Alita's authorized capital, amending its articles of association, and distributing its profits or losses. The Swedbank Group's company cannot use any rights attached to its shareholding that enable it to buy new shares in Alita.
Alita is prohibited from any transactions involving the sale of its assets and its subsidiary Anykščių Vynas (Anykščiai Wine).
Junevičius and FR&R Invest closed their deal, in which the financial investor took over control of the financially-troubled alcohol production group, on October 6, 2011.
FR&R Invest owns 84.56 percent of Alita Group and Junevičius holds a 14.48-percent stake in Alita, which is quoted on the Secondary List of the NASDAQ OMX Vilnius stock exchange.
