News

2019.05.07 17:55

Russian foundation takes Lithuania to court over Snoras bank nationalization

BNS2019.05.07 17:55

A foundation representing the interests of Russian investors abroad has taken Lithuania to the Paris-based ICC International Court of Arbitration over the nationalisation of the Snoras bank in 2011.

The foundation seeks compensation for Vladimir Antonov, Snoras' majority shareholder, Lrytas.lt reports.

The damages Antonov seeks are put at €1.1 billion.

Finance Minister Vilius Šapoka has confirmed to BNS that Lithuania was notified about the action brought with the ICC.

“We received that petition last week, on Friday. We are currently looking into the arguments. We have a month to respond,” he said.

According to Lrytas.lt, the Russian foundation hired the US law firm Alston and Bird to represent it in the dispute.

In 2016, Antonov brought lawsuit against Lithuania with a Moscow arbitration tribunal, seeking over €500 million in damages for the bank's nationalization. However, the proceedings were discontinued after Lithuania exercised its right to jurisdictional immunity under international law.

Snoras was nationalized back in late 2011. Suspicions of large-scale asset misappropriation and embezzlement were brought against Antonov and Raimondas Baranauskas, another former shareholder and CEO of Snoras.

The two men initially fled to the UK and later to Russia, where they were granted asylum and are believed to reside now. Russia refuses to provide legal assistance to Lithuania.

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