Hearts Majority Owner UBIG Is Insolvent, Bankruptcy Body Says

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.

The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.

UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.

UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

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