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2012 05 23

UK court freezes 492-million-euro assets of Lithuanian bank Snoras' ex-owner

At the request of Snoras' administrator, a UK court has granted an injunction freezing up to 492 million euros of assets owned by Vladimir Antonov, the former majority shareholder of Snoras bank which was nationalized last year and is currently undergoing bankruptcy proceedings.
Vladimiras Antonovas
Vladimir Antonov / Šarūno Mažeikos/BFL nuotr.

The Russian businessman now lives in London.

In its 18 May injunction, a copy of which was obtained by BNS, the Commercial Court of the Queen's Bench Division of the High Court of Justice ordered to freeze real estate directly and indirectly owned by Antonov, as well as his holdings of corporate securities and funds held in bank accounts.

The court's order is subject to appeal. The court is scheduled to resume hearing of the case on 15 June.

The freezing injunction covers three pieces of property in the United Kingdom, one in Jurmala, Latvia, and in Limassol, Cyprus, as well as Antonov's holdings of shares and other securities in UK-registered Conversgroup Holding, Convers Sports Initiatives and Pensions Bank and in companies registered in another 21 countries worldwide.

It also covers 19 accounts in Ukrainian, Swiss, Russian, Latvian, Austrian, and British banks.

Antonov has seven days to inform Snoras' lawyers about his worldwide asset holdings worth over 10,000 euros and 14 days to verify that the information is correct.

The court allowed Antonov to spend up to 5,000 euros weekly to pay his running costs and a "reasonable" amount of money for legal services. Before spending the money, Antonov has to inform Snoras' lawyers about its source. The court did not ban Antonov from conducting normal and acceptable business operations

On 14 November 2011, the Lithuanian Prosecutor General's Office opened a pre-trial investigation into alleged false accounting, document forgery, abuse, embezzlement, and money laundering at Snoras.

Shortly afterwards, suspicions of large-scale embezzlement and document forgery were brought against Antonov and Raimondas Baranauskas, Snoras' former president and shareholder. Baranauskas is also suspected of fraudulent bookkeeping and abuse of official position. Both suspects are now in London.

Their extradition case was opened in London in late November 2011, after Lithuania's authorities issued a European arrest warrant.

The Westminster Magistrate's Court in London  in mid-May decided to postpone the hearing of the case until July after the Lithuanian Prosecutor General's Office issued a new European arrest warrant on 4 May, accusing Baranauskas and Antonov of embezzling 700 million litas. This is down from 987 million litas mentioned in the previous warrant, which has been annulled.

The Lithuanian government nationalized Snoras on 16 November 2011. The Vilnius Regional Court opened bankruptcy proceedings against the bank on 7 December.

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