VILNIUS, Lithuania (AP) — Lithuania's central bank says it has placed restrictions on the operations of a bank controlled by the owner of Edinburgh Hearts football club due to alleged mismanagement.
The central bank says its board decided to restrict Ukio Bankas' operations after concluding that shareholders' actions had been 'harmful' to the bank and failed to comply with the Baltic state's regulations.
The central bank said Tuesday that it has appointed an outside administrator to manage the bank, which has come under increased speculation in recent months over concerns about its financial health. Ukio Bankas is majority owned by a Russia-born, Lithuania-based businessman Vladimir Romanov, who acquired a controlling stake in the Hearts FC in 2005.
The bank also controls Lithuania's Zalgiris Kaunas basketball clubs, one of Europe's leading teams.