The Lithuanian Court of Appeal ruled in late December that the investors held no rights to the funds that had been accumulated as payment for Snoras’ shares that had not been issued eventually. However, the investors are ready to file a cassation appeal to the Supreme Court, which will be asked to take a preliminary decision on the referral of the case to the ECJ.
“We are preparing the cassation appeal to the Supreme Court. The appeal will concern our rights to the funds paid for the unregistered Snoras’ share issue, which the court of first instance and the court of appeals interpreted differently. We will also ask to suspend the enforcement of the decision, i.e. not to let Snoras transfer the disputed funds to its own accounts, until the final decision is taken in the case at hand. Thus we want to protect our rights since the freeze on these funds, which was imposed at the initiative of small shareholders, has been lifted as a result of the court of appeals decision,” Daiva Ušinskaitė-Filonovienė, a member of the Investors’ Association board and a lawyer with AAA Baltic Service Company, told the daily.
