Baltic States – CIS, Financial Services, Investments, Legislation, Lithuania, Real Estate, Ukraine

Arvydas Avulis, board chairman at Hanner, told BNS the company was aiming to redeem investment from the former partner.

"We were no longer able to discuss this and turned to court. As the judicial situation is difficult in Ukraine, we decided to do this in Lithuania. Radkovski is a former partner who warranted for the investment. In 2010 we decided to pull out of the Ukrainian market and we no longer invest in the country. All this time, we have been searching for ways to recover our investment," he told BNS.

Avulis did not specify the projects he invested in together with the Ukrainian politician.

"We had a number of projects in Ukraine, and we invested in a few with Radkovski. He signed the warrant but did not meet his obligations and should answer in legal terms," said the Hanner board chairman.

The court ruling can still be appealed to the Lithuanian Court of Appeals.

Radkovski currently serves as first vice-chairman of the Odessa Regional Council and is a prominent businessman who used to be a deputy of the Supreme Rada.

According to Ukrainian media, Radkovski is also the co-owner of the Ukrainian company Bereg-Group operating in the country's construction and real estate sector. In 2010, the latter company and Hanner-operated Ukrainian company Hanner Invest purchased Mir Atraktsionov, which planned a commercial complex in central Odessa.

Data provided by the Center of Registers, Estonia's Hanner Group is the only shareholder of Trust Capital.