Artem Paleev, the manager and shareholder of payment company KP Pay, is suspected of having embezzled assets of Russian insurance company Central Insurance Company.

The central Bank of Lithuania has confirmed it to BNS Lithuania that KP Pay has not approached it regarding a payment institution license. Based on information from the Lithuanian Center of Registers, KP Pay was established on April 8 with an authorized capital of 400,000 euros.

It was reported last year that the central Bank of Russia suspected Paleev and his wife Natalya, major CIC shareholders, and the company's management of the so-called asset stripping. They are suspected of having intentionally sold off the financially-stricken company's assets to gain financial benefit.

Russia's central banks tripped CIC of its license in May, 2018 due to violations of the requirements on financial stability and liquidity. In 2017, CIC was awarded a contract to provide insurance to staff of the Russian Ministry of Internal Affairs but the contract was later handed over to VTB Insurance without a new tender.

Based on Russian media reports, Paleev owns 32.9 percent of CIC via his company Desh.Eks, and his wife has the same-size stake via company SKP.

Paleev also owns a law firm Korpus Prava operating in Russia, Cyprus, Malta, Latvia, and Hong Kong.

Besides Paleev, KP Pay board also includes Irina Kocherginskaya, an executive director for taxes and legal practice at Korpus Prava and Aleksandra Kaperska, the firm's director for corporate services.