Late in 2012, notices were served on the Cayman funds for the redemption of the investments held and negotiations continued with the Cypriot companies, which currently own the loans, to realize value for the creditors, Snoras said in its latest report to the creditors.
According to the report, Snoras and the Cypriot companies are negotiating the recovery of 22 Russian loans. The report does not provide any details about those credits.
The report also says that Snoras plans to complete the redemption of assets with funds in the British Virgin Islands. However, the value of those assets or the value of investments held in the Cayman funds has not been specified.
Early in 2012, Vitas Vasiliauskas, the governor of the central Bank of Lithuania, said that Snoras had transferred 553 million litas (EUR 160.3m) of loans to the structures established in the offshore jurisdictions of the Cayman and British Virgin Islands.
Bankruptcy proceedings against Snoras were opened on December 7, 2011. The bank, which was majority owned by Russian businessman Vladimir Antonov and Lithuanian banker Raimondas Baranauskas, is being wound up now.
