The Hearts board has stated it has no information that Vladimir Romanov has relinquished control of the club.
It emerged on Monday that Romanov had resigned from the board of UBIG, the company which holds a majority stake in Hearts, following the collapse of Ukio Bankas.
But Hearts director Sergejus Fedotovas, who also quit the UBIG board, indicated that Romanov, who is not a Hearts director, was still in control.
In a statement on the Hearts website, Fedotovas said: "Despite recent changes to the board at UBIG, the board structure at Heart of Midlothian remains unchanged.
"The information that Mr Vladimir Romanov has relinquished his control of Hearts is pure speculation and we do not have any information to that effect.
"Changes at UBIG board do not reflect any changes in the holding structure of Mr Romanov's ownership.
"I would like to reassure supporters of the club that the board of Hearts' focus is entirely on this club and continuing the work that has allowed us to be within touching distance of having a self-sustainable business.
"This then allows us to truly develop the club both on and off the field in the seasons ahead. It is a work in progress at the moment but we are satisfied with the progress being made.
"It is also right to acknowledge that one of the principle reasons for us being unaffected at this stage by events in Lithuania is the excellent support that the fans and staff have provided to the club.
"With this continued support and ongoing diligence by the club's board of directors we believe that there is no threat to Hearts."
Hearts staved off a winding-up order in December after supporters raised more than £1 million to help pay off tax debts.
Information from the Press Association was used in this report.