OREANDA-NEWS. May 10, 2012. The Bankruptcy Administrator and his team are pleased to confirm that they have secured all the property assets of BAB Bankas SNORAS, reported the press-centre of Bankas Snoras.

A number of properties have been secured in five countries: Lithuania, Latvia, Estonia, Russia and France. These properties were used in the Bank's operations or for investment purposes.

Neil Cooper, Bankruptcy Administrator comments:

"Locating and securing some of the property assets has been an exceptionally complex task given their spread across five jurisdictions and complicated ownership structure. It was of vital importance that I could call upon our network of international experts to complete this task effectively. We have secured two properties in Latvia, for example. After receiving valuations from Latvian property consultants, we have concluded that the Bank overpaid significantly for both properties. We believe that the vendors are connected to the previous shareholders of the Bank and that they benefited from the transaction in a manner that damaged creditors' interests."

Commenting on next steps, Neil Cooper said:

"Our work to realise the value held in these properties continues and we aim to maximise the returns for creditors."