IBM tired of waiting for money pledged by Lithuania

With Lithuania failing to meet its obligations to IBM, its five-year cooperation agreement with the US information technology giant is likely to be terminated and Lietuvos Tyrimų Centras (Lithuanian Research Center, or LTC), a company set up by Lithuania in partnership with IBM in late 2010, may be declared bankrupt.

IBM pajamos per trečiąjį ketvirtį pasiekė 24,27 mlrd. JAV dolerių.

IBM / „Reuters“/„Scanpix“ nuotr.

In line with the agreement signed back in 2010, Lithuania is obliged to pay 130 million litas (EUR 37.7m) to IBM over the course of five years. However, it has only paid meager 10 million litas so far, the Verslo Žinios business daily reports.

“Cooperation with IBM has been stalled for quite a long time and it may be terminated,” Economy Deputy Minister Adomas Ąžuolas Audickas projected.

He admitted that the tentative amount of 130 million litas, which was pledged for IBM, was non-feasible. He said that the actual amount might reach some 50 million litas and around half of the sum should go to Lithuanian researchers, and not to the US company.

It should be known before Christmas whether IBM would find these terms acceptable.

IBM tired of waiting for money pledged by Lithuania

Economy

Feature

Opinion

Politics