Lithuania's state fund gets 4 out of 9 seats on Snoras creditors' committee

Creditors of Lithuania's bankrupt bank Snoras appointed a nine-strong committee during their first meeting on Tuesday, with four votes given to the state-owned Deposit Insurance Fund, which has repaid around 4 billion litas (EUR 1.16 m) in deposits held at the bank.

„Snoras“ / Irmanto Gelūno / BNS nuotr.

Aurelija Mažintienė, the fund's acting director, is likely to be the chairperson of the creditors' committee.

A creditor told BNS that also sitting on the committee are businessman Martinas Gusiatinas, a representative of Bikuvos Prekyba, a representative of Holten Investments, a representative of the state social insurance fund Sodra, and Liudas Masolas, the head of Snoras' Vilnius branch who represents the bank's employees.

Snoras' creditors have filed a total of 6.523 billion litas in undisputed claims. The Deposit Insurance Fund's claims account for around 60.7 percent of the total court-approved claims.

A total of 188 foreign small and medium-sized businesses held funds at Snoras. Their claims against the bank amount to over 209 million litas.