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Published: 10 august 2012 17:45

Swiss financial market supervisor opens bankruptcy proceedings against Lithuania’s Snoras bank

Irmanto Gelūno / 15min nuotr. / „Snoras“

The Swiss Financial Market Supervisory Authority (FINMA) opened bankruptcy proceedings over Snoras, the nationalized Lithuanian commercial bank, on 19 July.

This measure, which equals the recognition of Snoras' bankruptcy, is important for the recovery of the bank’s assets, including 2.8 million Swiss francs (approx. LTL 8m, EUR 2.32m) worth of funds held in Snoras’ correspondent accounts at Switzerland’s banks, Snoras’ bankruptcy administrator said in a press release.

According to the release, Snoras bankruptcy administrator, Neil Cooper, is now considering claims that could and should be lodged against the third parties to ensure further recovery of Snoras’ assets to the benefit of the bank’s creditors.

As reported earlier, Cooper’s team located more than 1 billion litas worth of Snoras’ financial assets in Switzerland which became inaccessible to the bank as a result of complex financial operations.

According to Cooper, bankruptcy proceedings opened in foreign countries are not recognized in Switzerland automatically. Hence the process of Snoras’ bankruptcy recognition, which began in that country in March, took long enough to complete.

The Lithuanian government nationalized Snoras on 16 November 2011. A court opened bankruptcy proceedings against the bank on 7 December.

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