A former employee of the Bank of Lithuania who left his post ahead of an internal investigation over undeclared conflicts of interest has been appointed to the board of a key company tied to the controversial Bankera crypto project, Lithuanian news outlet 15min.lt reported.
Mindaugas Navys, who previously led a department at the central bank, joined the board of the electronic money institution Pervesk in late May. Despite ongoing regulatory inspections and a law enforcement investigation into the company, the Bank of Lithuania raised no objections to the appointment, according to 15min.lt.
The central bank told 15min.lt that it evaluated Navys’ candidacy based on legal requirements related to good repute and professional qualifications.
In May, law enforcement launched a pretrial investigation into the Bankera crypto token project following a joint investigation by 15min.lt and international media partners.
Authorities found that a substantial portion of investor funds raised through the project was used to purchase luxury real estate and cover personal expenses of the project’s key organisers – Mantas Mockevičius, Vytautas Karalevičius and Justas Dobiliauskas – while the promised launch of a licensed EU-based crypto bank never materialised.
Pervesk, which is supervised by the Bank of Lithuania, played a central role in the project. Tens of millions of euros raised from investors were reportedly transferred through Pervesk to a bank in Vanuatu.
Navys is the brother of Aurimas Navys, a defence expert and conservative member of the Vilnius City Council, who also serves on the board of Pervesk. Mindaugas Navys reportedly failed to disclose his brother’s affiliation with the company in his conflict-of-interest declaration while employed at the central bank.
After journalists inquired about the undeclared relationship last summer, the Bank of Lithuania initiated an internal investigation. However, Navys submitted his resignation the following day. Once he left the institution, the bank promptly closed the inquiry.
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