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British court seizes assets of former Snoras bank shareholder

14:52 23/05/2012

VILNIUS, May 23 - RAPSI. The British court has seized Russian businessman and major Snoras bank shareholder Vladimir Antonov's assets upon the request of the Lithuanian bank's bankruptcy administrator, media report on Wednesday. The seized property is worth an estimated 493 million euro.

The court imposed the arrest on Antonov's property, securities, bank accounts and other assets. He is entitled to appeal the judgment.

On November 16, 2011, the Lithuanian government decided to nationalize the bank to rescue it from bankruptcy. The formal reason for the bank's nationalization is its failure to meet the watchdogs orders to submit requested information in addition to its poor financial state. Snoras then suspended its operations.

In November 2011, the Bank of Lithuania acknowledged that even a federal funds injection would not save the bank and decided to shut Snoras down. The court declared Snoras bankrupt on December 7. The decision came into force on December 20, 2011.

Both major Snoras shareholders - Antonov and his Lithuanian business partner Raimondas Baranauskas - have been suspected of appropriating the bank's assets and financial fraud. They were arrested in London in late November upon the Lithuanian Prosecutor General's Office's request. They were later released on bail.

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British court seizes assets of former Snoras bank shareholder

14:52 23/05/2012 The British court has seized Russian businessman and major Snoras bank shareholder Vladimir Antonov's assets upon the request of the Lithuanian bank's bankruptcy administrator. The seized property is worth an estimated 493 million euro.
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