Banks, Financial Services, Legislation, Lithuania, Railways, Transport

The Lithuanian Railways had LTL 15 million (EUR 4.3 million) deposited at the Snoras bank. According to a representative of the LAT, the Snoras bankruptcy proceedings will not begin until the appeal is decided, informs LETA/ELTA.

The company is demanding UAB J ir LBR Bankroto Administravimo, Teisines ir Buhalterijos Paslaugos (J and LBR Bankruptvy Administration, Legal and Accounting Services) to appointed as the bank's administrator. The appointment of the bankruptcy administrator could have been appealed against in 10 days.

As reported, the Bank of Lithuania on December 9 appointed Snoras bankruptcy administrator – Neil Cooper, Chief Partner of the consultancy company Zolfo Cooper Europe, ending the powers of Snoras temporary administrator Simon Vincent Freakley.