State-owned enterprise Turto Bankas is converted into a public limited company
On Wednesday, the Government approved a state-owned enterprise Turto Bankas to be converted into a public limited company and continue the accumulated good practice of the company in centralised management of the state-owned real estate in other fields such as healthcare, culture, education, social security etc.
“The purpose of these changes is to convert Turto Bankas into a public limited company and thus enabling the use of accumulated good practice and continuing the implementation of the principles of centralized state-owned real estate management in the fields of healthcare, culture, education and sports, social security, justice, internal affairs. The State will be able to explore its own real estate more efficiently with lower maintenance costs and volumes”, Minister of Finance Rimantas Šadžius said.
When converted, Turto Bankas would be subject to the principles of governance, strategic planning, dividend payment, operation of collegial bodies applicable to state-owned companies allowing to pursue higher standards of transparency, efficiency and good governance in the company's operations. Moreover, after establishing in the company's statutes, new commercial activities would be possible.
These draft amendments to the Law Amending the Law on the Manager of Centrally Managed State Assets and to the related laws are subject to the approval by the Seimas.
Last updated: 14-04-2025
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