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Snoras' administrator: order to freeze EUR 492 mln of Antonov's assets granted

Danuta Pavilenene, BC, Vilnius, 25.05.2012.Print version
Neil Cooper, the bankruptcy administrator of Snoras has confirmed that the bank has brought civil proceedings against Vladimir Antonov, the previous majority shareholder, to recover damages totalling at least EUR 492 million for breach of duty arising under Lithuanian Law and relates to allegations of misappropriation and misuse of Snoras' assets.

Vladimir Antonov.

Additional claims may follow. In support of those proceedings the bank applied for and was granted, a world-wide freezing order by Justice Teare in the English Commercial Court on May 18, writes LETA/ELTA.


Under the terms of order, Antonov must not in any way dispose of, deal with, or diminish any of his assets anywhere in the world up to the value of EUR 492 million. The order applies to all of Antonov's assets, including those that he has the right to deal with or dispose of, including assets or accounts that are not in his name, or which are held jointly with another person.


The order states that any person who knows of the order and does anything which helps or permits Antonov to breach the terms of this order may be held to be in contempt of court and may be imprisoned, fined or have their assets seized if within the jurisdiction of the English court.


As the order was made at a hearing without notice to Antonov, he has a right to apply to the Court to vary or discharge the order. The hearing for this purpose will be on June 15.

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