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Snoras bankruptcy administrator receives EUR 0.8 mln for subsidiary liquidated in China

BC, Vilnius, 05.05.2015.Print version
Bankruptcy administrator of BAB Bank Snoras received EUR 760,000 from China Window Capital Ltd, a subsidiary of AB Finasta Holdings that was liquidated in China. After the bankruptcy of Bank Snoras the company did not carry out operational activities and thus was liquidated, informs LETA/ELTA.

"The process in China was rather smooth, there were no major problems with formalities and money was transferred to the account last week. China Window Capital still managed 67 percent of shares of Hong Kong registered Finasta Direct Investments (HK) Ltd, however the status and activities of the latter company are obscure. This shows how vast and complex the structure created by heads and shareholders of Bank Snoras is. Moreover, the purpose and activities of certain parts of the structure remain not entirely clear to this day," said Gintaras Adomonis, Bankruptcy Administrator of Bank Snoras.

 

Snoras managed 8 subsidiaries. AB Finasta Holdings was the largest of them and in turn had three subsidiaries of its own – a bank, brokerage and investment companies. Bank Snoras directly and through Finasta Holdings managed nearly 20 companies engaged in various activities in Lithuania, Latvia, Estonia, Russia and China.

 

Most assets of AB Finasta Holdings were sold to wealth management and investment management company Invalda LT.

 

Bank Snoras activities were ceased in November 2011, while bankruptcy was initiated in December 2011.






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