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2013 02 25

Ūkio Bankas split expected to trigger avalanche of lawsuits

The split of Lithuania's Ūkio Bankas into 'good' and 'bad' parts leaves no chance for its former customers to get back their deposits of over 100,000 euros, the daily Lietuvos Rytas reports.
Ūkio bankas
Ūkio bankas / BFL/Vyginto Skaraičio nuotr.

Mindaugas Palijanskas, a lawyer, told the paper that depositors who held more money at the bank do not have even theoretical possibilities to get back their savings, which is not fair.

"They are disadvantaged because they have more money. This is the logic. But the conditions should be the same for everybody," he said.

The lawyer said that the principle of separating the unhealthy and healthy assets without nationalizing the bank looks similar to deliberate bankruptcy. He predicts that large depositors will take the authorities to court over the way they handled the takeover.

Vytautas Plunksnis, the chairman of the board of the Lithuanian Investors' Association, also expects that the takeover will be challenged in courts.

"There will be many (court) actions. But the question is who will be the main target. Both the bank's management and the auditors will be liable. Actions can also be brought against the regulator, the Bank of Lithuania," he said.

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