OREANDA-NEWS.March 19, 2012. The Bankruptcy Administrator has confirmed that almost two-thirds of clients’ ownership rights in respect of assets held in custody accounts have been transferred to new financial institutions. Requests from the remaining clients to transfer their financial assets are expected soon, reported the press-centre of Bank Snoras.   

“These assets issued by Lithuanian issuers belong to the respective clients and not to the bankruptcy estate. Following initiation of bankruptcy proceedings, the Bank can no longer act as custodian or maintain custodian accounts. Therefore, the assets held for these clients need to be transferred to external custody accounts at other financial institutions”, the Bankruptcy Administrator Neil Cooper said.

Snoras staff are continuing to advise each client for whom the bank holds assets as custodian about the need to transfer the assets to a new custodian. Clients have to fill in a form to name a new financial institution which is registered to act as custodian of securities with the Central Securities Depositary, and to request that their assets are transferred to the new custodian. When Bank “Snoras” has confirmed the entitlement of the client to the assets it will undertake the necessary transfer procedures with the new custodian. When the new custodian confirms receipt of the relevant documents to accept custody, the Bank will transfer the assets to the new custodian.