Bankas Snoras AB : The bankruptcy administrator of Snoras Bank has already found assets of over 2 billion Litas in Lithuania and abroad

		Enter your e-mail and get news: *In order to subscribe to news, enter your e-mail address and press the button "Subscribe for news" **In order to reject subscription of news, enter your e-mail address and press the button "Unsubsribe from news". 2012-01-12 The bankruptcy administrator of Snoras Bank has already found assets of over 2 billion Litas in Lithuania and abroad The bankruptcy administrator of Snoras Bank together with the bank's staff and foreign advisers, with a view to identify, protect, and recover assets of the bank, have already identified financial assets of over 2 billion Litas in Lithuania and abroad.  In particular, 74 properties located in Lithuania, Estonia, Russia and France with a total value of over 334 million Litas are under the control of the Bankruptcy administrator. Three vehicles with total value of 1 million Litas are in the process being seized in London and handed over to the administrator. 102 other vehicles of the bank are under the control of the bankruptcy administrator. At the commencement of the bankruptcy administrator's activities, approximately 140 million Litas banknotes and coins were collected and safely transferred from Snoras' mini banks, branches, and ATMs to the Bank of Lithuania; in addition, banknotes and coins of 22 foreign currencies worth approximately 55 million Litas were collected. Major part of missing assets went to foreign countries, therefore, in order to try and recover the same, the Bankruptcy administrator is cooperating with the financial and state institutions in Austria, Cayman Islands, Estonia, France, Latvia, Luxembourg, Switzerland, Great Britain, and Ukraine. For example, a significant part of the missing financial assets is 1.03 billion Litas in Swiss based banks. These assets had been used for purposes other than beneficial for the bank. The team of bankruptcy administrator of Snoras Bank in Lithuania includes 67 foreign experts and consultants in finance, law, banking, property assessment, and 27 local professionals.

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