Smart Fish Airlines: SmartLynx Issued an Unsecured €4M Loan to ...Fishers
Two years prior to its bankruptcy, SIA SmartLynx Airlines (Latvia) issued an unsecured loan to the Lithuanian company UAB Portlite. This information follows from a letter sent to creditors by the official insolvency administrator of SIA SmartLynx Airlines, Marija Mišina. The editorial team of BLACKLIST.AERO has obtained a copy of this letter.
Specifically, the letter reveals that on June 30, 2023, SIA SmartLynx granted UAB Portlite (Lithuania) a loan of €4,000,000, due by December 31, 2027, at an annual interest rate of 11%.
The Loan Raises Serious Questions
The loan agreement itself raises multiple concerns. First, to whom — and for what purpose — was this loan issued by an airline that was already entering a prolonged period of financial distress, which ultimately ended in bankruptcy just two years later?
Second, although the agreement states that the lender may withdraw if a pledge of shares is not registered, the administrator, Marija Mišina, makes a crucial point in her letter: the agreement does not actually contain any requirement for collateral at all.
In other words, the contract refers to a condition that does not exist.
What This Means Legally
This inconsistency may have several explanations:
Scenario 1 — Drafting Error
The most benign explanation:
• the contract template was poorly drafted
• the reference to clause 6.5 remained from another version
However, for a €4 million transaction, this appears highly unusual.
Scenario 2 — Collateral Was Planned but Removed
It is possible that:
1. a pledge of shares was initially intended
2. it was later removed from the agreement
3. but the reference remained
This would effectively mean that the loan was granted without any security.
Scenario 3 — Incomplete Documentation
The administrator explicitly states that:
• management failed to provide all relevant documents
Therefore:
• additional agreements may exist
• or a separate pledge agreement may not have been handed over
Borrower’s Conduct
In her letter, the administrator also notes that UAB Portlite’s management is ignoring requests to discuss repayment of the loan and accrued interest. This prompted the BLACKLIST.AERO editorial team to examine the company more closely and understand how it may have been connected to SIA SmartLynx Airlines.
Who Is UAB Portlite?
According to the Lithuanian corporate registry, UAB Portlite was established in November 2021 with a share capital of €2,500. Its primary activity is listed as “activities of head offices.”
Source: https://rekvizitai.vz.lt/
Source: https://rekvizitai.vz.lt/
Its key asset, based on publicly available data, is a 100% stake in the Latvian company SIA Syfud, which trades fish products under the brand Port Lite.
Key Individuals
The current director of UAB Portlite is Tomas Kandzežauskas, who also serves as director in several other companies.
However, a far more interesting figure is the director listed at the time of incorporation — Sigitas Ambrazevičius.
Profile: Sigitas Ambrazevičius
Public sources describe him as:
• a Lithuanian entrepreneur
• the owner / ultimate beneficial owner of SIA Syfud
He is portrayed as a businessman with over 25 years of experience in seafood processing and trade.
More recent publications (2024–2025) continue to identify him as:
• owner and chairman of the board of Syfud
• an investor in a major fish processing project in Liepāja
This project reportedly involved €75–80 million in investments and was positioned as a large export-oriented production facility.
Media sources also link him to other Lithuanian businesses, including Benko Servisas and Dauparų žuvis, forming a clear pattern: seafood processing + holding structures via UAB Portlite.
But What Does This Have to Do with SmartLynx?
Given that both: the borrower (UAB Portlite) and its beneficial owner are Lithuanian and SmartLynx’s former ownership and management were also Lithuanian it was logical to start looking there. And we did. We found a subtle but intriguing connection.
The Basketball Connection
According to the Latvian media outlet Latvijas Avīze / Lasi.lv, Sigitas Ambrazevičius is a co-owner of the Lithuanian basketball club Neptūnas.
At the same time, the main beneficiary of Avia Solutions Group (which “sold” SmartLynx only at the end of 2025), Gediminas Žiemelis, is a well-known basketball enthusiast who established Basketball Holding Company (BHC).
Public sources indicate that Žiemelis, directly or through BHC, is connected to:
1. BC Wolves / Wolves Twinsbet (Vilnius) — his primary and most clearly confirmed club.
2. Sandstorm Shooters (Dubai) — founded via BHC in 2023.
3. Helsinki Seagulls (Finland) — where his involvement triggered a public controversy.
Finnish media, including Helsingin Sanomat and Yle, reported that Žiemelis had previously been flagged as a potential national security concern in Lithuania due to alleged links between his business interests and Russia, including involvement in the Zhukovsky airport project with Rostec.
A Deeper Link
Returning to basketball — and to the connection between Ambrazevičius and Žiemelis — it appears unlikely that the two were unaware of each other. And this goes beyond a shared interest in basketball.
A Lithuanian basketball media Basketnews.lt reported on the process initiated by Žiemelis to establish a new basketball club in Vilnius via Basketball Holding Company.
Entry into the Lithuanian Basketball League/ Lietuvos Krepšinio Lyga (LKL) requires:
• a fee of €200,000–€400,000
• a minimum club budget of €600,000
• a suitable arena (at least 1,200 seats)
• proof of a sustainable organizational structure
Final approval is granted by the LKL board.
And here is the key point: At that time, the LKL board included… Sigitas Ambrazevičius (Neptūnas). In other words, he was part of the very body responsible for approving Žiemelis’ project.
P.S.
If it seemed that BLACKLIST.AERO is hinting at bribery or the diversion of funds disguised as a loan, let us clarify: Based on the established facts, we have every right to suspect both of an opaque transaction. However, we cannot claim this is an established fact of illegal activity. As is well known, “all doubts must be interpreted in favor of the accused”.
Surely, both Gediminas Žiemelis and Sigitas Ambrazevičius have an explanation as to why an airline operating under financial strain would issue a €4 million loan to a fish-processing holding company that reported losses in 2023, followed by a net profit exceeding €30 million the following year — yet still refuses to repay either principal or interest.
The editorial team of BLACKLIST.AERO would be pleased to publish comments from Gediminas Žiemelis and Sigitas Ambrazevičius, either directly or through their legal representatives.
We would also welcome a response from the leadership of the Lithuanian Basketball League (LKL), particularly regarding whether such financial relationships between owners of basketball clubs are consistent with the league’s ethical standards.
Artem Degtiarov, Chief editor at BLACKLIST.AERO
According to information obtained by the editorial team of the BLACKLIST.AERO registry, Harmony Jets and Harmony Aircraft Services have completely ceased operations.
BLACKLIST.AERO would like to inform industry participants about outstanding operational debts associated with aircraft T7-PSJ (Gulfstream IV-SP, MSN 1251).
A new bankruptcy has emerged involving an airline previously belonging to Avia Solutions Group. Following the collapse of SmartLynx Airlines Latvia, bankruptcy proceedings have now been initiated for SmartLynx Airlines Estonia OÜ. A copy of the decision by the Tallinn district court Harju Maakohus to open bankruptcy proceedings was obtained by the administration of BLACKLIST.AERO from a source within the legal community.
Companies listed as creditors of SIA SmartLynx Airlines and belonging to the Avia Solutions Group holding structure have declined to pursue court claims against what was once their sister company. This became known after the deadline for submitting creditor claims to the insolvency administrator expired.
