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Snoras Money Tracked

Bankas Snoras, the failed bank seized by the Lithuanian state in November, allegedly bought securities worth 1.03 billion litai ($380 million) that were later transferred to private Swiss bank accounts of people related to former shareholders, Lithuanian central bank governor Vitas Vasiliauskas said Tuesday in the parliament in Vilnius.

Former Snoras owners Vladimir Antonov and Raimondas Baranauskas were arrested on Nov. 24 in London after Lithuanian authorities issued European arrest warrants over claims of fraud and embezzlement. The men deny any wrongdoing.

Another 553 million litai of the missing Snoras assets were loans to offshore funds in the Cayman and British Virgin Islands, the central bank said.

(Bloomberg)

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