BAB bankas Snoras’ insolvency administrator’s team and Swiss Bank Julius Baer & Co. Ltd. settled and closed a legacy litigation matter regarding financial transactions by former executives and shareholders of the failed bank, by which they transferred significant amounts to this foreign bank. The settlement signed by the parties stipulates that Bank Julius Baer & Co. Ltd. will pay BAB bankas Snoras EUR 105 million.

BAB bankas Snoras’ insolvency administrator filed a claim with the first instance court in Geneva in 2019. According to the claim, the amount of the claim was allegedly embezzled by V. Antonov and R. Baranauskas, former executives and shareholders of Snoras, more than ten years ago. 

Snoras’ insolvency administrator and Julius Baer welcome the settlement in the dispute, pointing to the rational and relatively fast resolution of the matter, which is good for both the parties.

The insolvency administrator will continue processes aimed at recovering damages caused to the bank from its shareholders, executives and other persons.

Gintaras Adomonis, the representative of the insolvency administrator of BAB bankas Snoras, said: “The settlement agreement marks the end of the important process in the bankruptcy of Snoras. In our view, this settlement is beneficial for the creditors of the bank and also evidences the ability of the Lithuanian experts to protect the rights and interests in the international disputes. We appreciate the support of TGS Baltic, who led this process, as well as assistance of Lalive and Nater Dallafior, the Swiss firms who acted for our interests in Switzerland”.

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