OREANDA-NEWS. June 03, 2013. Zolfo Cooper LLP, Simon Freakley and the team responsible for the Temporary Administration of AB Bankas Snoras (Bank Snoras) strongly object to the recent false and intentionally misleading reports concerning the running of Bank Snoras following Mr Freakley's appointment as Temporary Administrator on November 16th 2011 until its bankruptcy on December 7th 2011.

The events of this period proved to be a difficult and unprecedented challenge for the Lithuanian banking system. During this time Mr Freakley and his team of experts worked around the clock to help the Bank of Lithuania and the Government of the country to stabilise the situation in the financial sector and take control of potential threats. Not only did they provide the Bank of Lithuania with a detailed and high quality appraisal of the situation facing Bank Snoras but also presented credible and deliverable alternatives available to the Bank of Lithuania regarding the future of Bank Snoras under considerable time constraints. Following submission of this information the Bank of Lithuania was able to make a well informed decision as to the future of Bank Snoras based on reliable information and choose a strategy that would provide the best possible outcome for the state, the depositors of Bank Snoras and all interested parties, considering the exceptionally complicated and unprecedented circumstances.

Recent defamatory comments relating to shredders, the shredding of bank documents and such like are not only deliberately false and misleading but are also a significant affront to the professionalism and integrity of Mr Freakley, his team and all other parties involved with this uniquely complex situation.

Allegations of this defamatory nature made by those actively looking to undermine the hard work undertaken by the institutions of Lithuania during this period for their own gain cannot go unanswered and will not be tolerated, however sensitive the Bank Snoras situation may be. The parties are therefore considering their legal remedies against all involved in this misleading reporting. Should such unfounded and offensive allegations continue, Zolfo Cooper and Mr Freakley will not hesitate to take legal actions to exercise their obligation to protect the well-deserved and long standing international reputations of all concerned.