BaltCap and its Infrastructure Fund Investors agree the main terms of a recovery plan
BaltCap has reached an agreement with the investors of BaltCap Infrastructure Fund I (Fund) on the main terms of the recovery plan related to the recent embezzlement case in the Fund. A common understanding has been established how the Fund recovers all of the €40.4 million misappropriated from the Fund’ s portfolio companies, ensuring that investors suffer no losses.
Peeter Saks, member of the Board at BaltCap, says “The agreed terms serve the best interests of the Fund and its investors, ensuring that investors suffer no losses. This is a significant milestone in our joint efforts to restore the financial stability and integrity of the Fund.” “We extend our appreciation to all our investors. Their dedication and expertise have been crucial in shaping a robust recovery plan,” Saks adds.
“Now that the main terms of recovery plan have been agreed we can focus fully on implementing the plan,” Saks says.
Saks confirms BaltCap funds perform well and their portfolio companies are generating solid returns. “BaltCap remains committed to be among the leading private equity managers in the Baltic region,” Saks says.
The parties have agreed not to disclose the details of the recovery plan.
Additional information
Peeter Saks
Member of Management Board