Nullus, a company which is part of BaltCap Infrastructure Fund, is pulling out of a project to build a new school in the Ukrainian town of Bucha, BaltCap has told BNS.
According to the company, it is pulling out amid allegations against its former partner Šarūnas Stepukonis who is suspected of having gambled away or otherwise embezzled more than 30 million euros from companies managed by the private equity fund.
“The allegations against Stepukonis, Nullus CEO and one of the project’s initiators, are incompatible with the noble purpose of this project, and we are pulling out to neutralise the reputational risk,” BaltCap told BNS.
Aivaras Karalius, CEO of BT Invest, a Lithuanian business group operating in Ukraine, has told the vz.lt business news website that documents for the withdrawal of Nullus are already being prepared in line with Ukrainian legislation.
It was reported in August that Lithuania would build a school in Bucha and the project commissioned by the Support Fund for Bucha School fund would be implemented by Nullus. Support Fund for Bucha School was set up by BT Invest, BaltCap Infrastructure Fund and 1K, a support fund set up by Lithuanian activist and comedian Oleg Šurajev.
The project’s total value is estimated at 18 million euros.
The modern school building, built according to the latest environmental requirements, was to be handed over to the municipality of Bucha free of charge. The initial plan was to have the school open on September 1, 2025.
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