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Thursday, 25.04.2024, 09:44
262 people, who have not recovered EUR 1.7 mln from Snoras go to court
BC, Vilnius, 19.04.2014.
Print version
Print versionA group of buyers of unregistered Bank Snoras shares, brought together by the Investors' Association, has gone to court requesting to acknowledge them as depositors. They claim that the bank has not committed its obligation to return the funds after the Bank of Lithuania had refused to authorise Bank Snoras's capital increase, informs LETA/ELTA.
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262 people who have not recovered approximately LTL 5.9 million (EUR 1.7 million) have addressed Vilnius Regional Court. A second group of investors also intends to take legal proceedings against the bank at a later time.
According to, Andrius Mamontovas, Managing Partner of law office Fort, there was no choice but to initiate proceedings after the state company Deposit and Investment Insurance declinde to pay out insurance benefits. As the Bank of Lithuania refused to register the issue of new shares their further distribution was impossible. The Bank of Lithuania had publicly announced that investors who had acquired the shares gained the right to demand for Bank Snoras to return the funds paid for the subscribed shares.
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