Court extends property rights restrictions for company linked to German

Vilnius District Court has extended the temporary restriction on property rights for Exawatt, a company associated with Vilhelmas Germanas, for another six months, BNS reports.

The restriction applies to the company’s financial assets, shipping containers, and cryptocurrency mining equipment. According to court representative Giedrius Janonis, the decision was based on the ongoing need for precautionary measures, including the potential confiscation of assets and compensation for damages in a related civil claim.

Germanas is accused, alongside Mindaugas Navickas, Alfonsas Ambrazas, and Andrius Razma, of organising a criminal group that allegedly fraudulently acquired cryptocurrency mining equipment worth over €23 million. In mid-April, Germanas stated he would prove his innocence, citing an ongoing arbitration process with Chinese company Bitmain over the disputed equipment.

He is also charged with possession of forged identity documents. During a search, authorities found counterfeit Greek, Portuguese, and Bulgarian passports bearing Germanas’ photo in a hidden safe.

Germanas was released on a €1 million bail and is currently under intensive supervision, while Navickas is not subject to such supervision. Ambrazas and Razma have signed written pledges not to leave the country.

This case was separated from a pre-trial investigation into Foxpay, which involves allegations of money laundering of at least €17 million in illicit funds, as well as bribery totalling €100,000. In 2024, law enforcement reported that the Foxpay-related crimes under investigation include embezzlement, large-scale fraud, extortion, bribery, and money laundering.