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Published: 10 september 2012 18:11

Snoras banruptcy administrator recovers 348 million euros of bank's assets

Neil Cooper
Irmanto Gelūno / 15min nuotr. / Neil Cooper

Snoras' bankruptcy administrator said on Monday that a total of 1.2 billion litas (EUR 348m) worth of the nationalized bank's assets had been recovered for the benefit of creditors as of 28 August, including 41.4 million litas in August alone.

Most of the recovered funds came from payments of principal and interest on loans issued by the bank, Neil Cooper said in a press release.

Additional amounts came from the realization of financial assets held in 25 countries and from cash and deposits held in Snoras' branches and various banks.

The net value of Snoras' assets in mid-November 2011 was 2.756 billion litas lower than its liabilities and, therefore, the bank was declared insolvent.

Cooper said earlier that he had located more than 2 billion litas worth of Snoras' missing assets. The administrator said in April that the located assets had been secured. The bank did not say then what was the value of the located assets.

Snoras' former shareholders, Raimondas Baranauskas and Vladimir Antonov, are suspected of appropriation of Snoras' assets worth around 1.7 billion litas. Lithuanian prosecutors have issued a European arrest warrant for the two men.

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