Akropolis case appealed by government

The Akropolis complex in Vilnius is located atop a large hill on the city's northwest side. Photo by Evaldas Liutkas.

VILNIUS — The Vilnius regional government has appealed a court decision in the Vilnius District Court that said Akropolis could avoid paying the state 21.97 million litai (€6.37 million) for land it purchased.

Mall chain Akropolis successfully sued the Vilnius regional government in June because it says it paid too much for land it bought from the state, which later lost value.

The Vilnius regional government argued that the Civil code was incorrectly applied in this case, when there had already been contractual obligations set.

The court originally ruled that the land had lost value during the two years because the surrounding area had not been developed as promised. The land, which should have been suitable with a car park and good surrounding streets, has not been developed.

The appeal however disputes these claims saying that the land development was agreed after the sale of the land, therefore it is irrelevant.

The chain bought the land for 40.78 million litai, but it is now worth less than half that value. Akropolis has already paid the difference.

Akropolis is a subsidiary of the privately-held VP Grupė, arguably the most powerful group of business owners in the country.

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