BaltCap said in a statement on Thursday it had already invested EUR 8.1 million in the design of the multifunctional complex of buildings, preparation of a construction site and construction works.

“The fact that BaltCap, the largest private equity fund manager in the Baltics, terminated its contract with Šarūnas Stepukonis, partner of BaltCap Infrastructure Fund (BInF), and turned to law enforcement for possible financial damage, has led to public speculations saying that the former fund manager’s activities are stalling the the project of the National Stadium Park, and that the losses incurred due to the fund’s mismanagement of finances would be included in the project budget. These considerations have no grounds – any losses incurred by the Fund will be compensated by BaltCap out of its own pocket,” the investment firm said.

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The project in Šeškinė neighbourhood in Vilnius was granted a building permit at the end of May this year. The complex of buildings, including the national stadium, is scheduled to be completed in 2025.