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Lithuania Weekly: alleged embezzling of millions of euros

During this reporting week, Lithuania focused on one of the most significant financial crimes in recent history: the detainment of former BaltCap equity fund manager Šarūnas Stepukonis, suspected of misappropriating €27 million. In response to the scandal, BaltCap is withdrawing from several high-profile commitments. Notably, the investment fund has handed over the construction of the national stadium to another developer, causing delays and majorly increased costs. Pro-Kremlin outlets covered the Šarūnas Stepukonis case extensively, claiming he was not working alone and naming specific officials who “stood behind all of that”. Kremlin-aligned media outlets again used this domestic scandal to promote an anti-government narrative, accusing the current government of having direct ties with Stepukonis and jointly benefitting from the embezzlement.