Support The Moscow Times!

Snoras Bank Nationalized

VILNIUS, Lithuania — Lithuania nationalized its fifth-largest bank after it surfaced that assets, possibly worth hundreds of millions of dollars, were moved offshore in recent days, Prime Minister Andrius Kubilius said Thursday.

Lithuania nationalized Snoras Bank on Wednesday and suspended all major operations until Monday, while authorities search accounts for criminal activity. A temporary administrator was also appointed.

Snoras, which had assets worth 8.1 billion litas ($3.1 billion) at the end of September, was 68 percent owned by Russian businessman Vladimir Antonov, who recently tried to acquire Swedish carmaker Saab but was prevented from doing so by European and Swedish authorities over suspicions of money laundering.


Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.