Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
29th November 2011
Lithuanian Snoras bank funds missing - arrests made
Bankas Snoaras AB is insolvent and LtL 3.4bn (€985m £845m $1,314m ¥102.2bn Y8,391m) of funds is said to be missing. Lithuania's fifth largest bank was taken into government control on November 16th. At that time the bank was thought to be short of liquidity only. The government has now concluded that there can be no quick recovery, if any at all for the bank. The Lithuanian government said that the state would add to the country' deposit insurance fund to ensure that depositors got the level of insured deposits they were entitled to and that the bank would be recapitalised. It also stressed that it could afford these actions from its own funds and would not need to seek funding from other countries.
Latvia took over Latvijas Krajbanka AS, a Latvian majority owned subsidiary of Snoaras and also reports missing funds.
Vladimir Antonov and Raimondas Baranauskas were arrested in the UK under an international arrest warrant on suspicion of fraud and embezzlement. They are alternatively described as owners or former shareholders of the bank. Antonov was later released on bail having surrendered his passport and met other bail conditions. They were former shareholders of the bank. Antonov is well known in the UK, mainly as the saviour of Portsmouth Football club which was facing bankruptcy. The club says it is not in financial danger from the bank's problems. It is not known whether Baranauskas also was successful with his bail application.