The Council referred to the conclusions of the investigation by the Lithuanian Securities Commission suggesting that the services advertised by the defendant were subject to an official approval.
The Competition Council stated that by offering to invest into a stable merger and development of businesses and, thus, obtain significant income, the defendant created an impression for consumers that the services advertised and offered were legal, i.e. that the defendant was officially authorised to provide such services.
It was established that the defendant did not posses the approval to provide investment services. Therefore, the Council held, defendant’s advertisements falsely stated that the service could legally be sold, contrary to what is set forth in item 9 of Annex 1 UCP Directive.