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2019.04.25 12:05

Lithuanian MPs want another review of Revolut

The Lithuanian parliament considers asking a governmental commission to look into the British financial start-up Revolut for the third time.

Meanwhile opposition MPs demand and independent review of whether the investigation may be harmful to the financial sector.

Prime Minister Saulius Skvernelis has commented that another review is needed to determine if Revolut, which is setting up a specialized bank in Lithuania, aligns with the country's national security interests.

“I think there is such a need, because the financial sector is a sensitive sector and if there are any circumstances, the commission has to look into them,” Skvernelis told reporters on Thursday.

The government's commission that vets transactions in strategic industries is depoliticized and its decisions are based on information from special services and other bodies, he said.

The Lithuanian parliament, Seimas, is to discuss later on Thursday if the commission should look into Revolut for a third time.

Vytautas Bakas, the chairman of the parliament's Committee on Budget and Finance, wants the commission to ascertain once again that Revolut meets Lithuania's national security interests, saying that new circumstances have emerged.

The MP says he has doubts about the startup's business model, money-laundering control and links to Russia.

Meanwhile Finance Minister Vilius Šapoka says that it would be a waste of time, unless MPs have new information.

“If members of Seimas have any additional information, they have a duty to turn to the commission, but otherwise it's just a waste of time,” he told the radio Žinių Radijas.

Twenty-nine opposition MPs have signed a document, asking for an independent expert review about whether the investigation is necessary.

“We want the review to look into the effects the parliament's move can have for competition in the financial services and the financial sector's stability,” conservative MP Mykolas Majauskas has told BNS.

The parliament has to commission an independed review if it is demanded by at least one-fifth of the body, or 28 MPs.

The government commission has already stated twice that the firm poses no threat to Lithuania's national interests.

Revolut Bank was granted the license of a specialized bank by the European Central Bank through the Bank of Lithuania last December.