The board’s decision came in light of insufficient implementation of money laundering prevention measures. The violations were established by the central Bank of Lithuania.
“Extensive damage has been caused to the company’s reputation,” board chairman Paulius Martinkus, board chairman at Lietuvos Paštas, said in a press release.
Lietuvos Paštas has a broad network across Lithuania and provides financial services, collecting payments and providing insurance, consumer loan, leasing, local and international money transfers and other services.
According to the press release, tender for a new director general will be initiated shortly.