Snoras Bank creditors seek penalty for Ernst & Young Baltic for misleading audit reports
Monday, August 11, 2014
The association of Snoras Bank depositors and creditors addressed in writing the bankruptcy administrator of the bank demanding information whether he intends to pursue claims against audit company Ernst & Young Baltic.
Vilnius Regional Court has delivered a judgment in favour of 26 claimants against Snoras Bank and the third party, the state enterprise Deposit and Investment Insurance. The court annulled the signed bond agreements and deposit certificate acquisition agreements.
In accordance to the third payout plan approved by Vilnius Regional Court, Snoras Bank bankruptcy administrator has paid out LTL 750 million (EUR 217 million) to secondary creditor, state company Deposit and Investment Insurance. After the transaction, primary and secondary creditors of Snoras will have received a total of LTL 1.7 billion (EUR 487 million).
The High Court in London will hold its next hearing on an appeal lodged by Vladimir Antonov and Raimondas Baranauskas, former owners of Lithuania’s bankrupt bank Snoras, in December. The two bankers are fighting against their extradition to Lithuania.
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