OREANDA-NEWS. July 16, 2013. The Vilnius Regional court (the Court) adopted a decision requesting damages from Raimondas Baranauskas, previous majority shareholder of BAB Bankas SNORAS (bankrupt), for EUR 1.35 million.

A claim was filed at the Court in early December 2012 and followed a detailed review of his financial transitions in the run up to SNORAS entering temporary administration and having its operations suspended.

In accordance with Lithuanian Bankruptcy Law, the Bankruptcy Administrator reviewed transactions entered into by SNORAS leading up to its bankruptcy. The investigation into Mr. Baranauskas’ financial transactions formed part of the Bankruptcy Administrator’s review.

On 16 November 2011, when he would have had full knowledge of the failings of the Bank, Mr. Baranauskas transferred EUR 1.35 million to an off-shore bank account in his name.

By accepting the damages claim for compensation on 4 July 2013, the Court agreed that Mr. Baranauskas knowingly transferred assets from the Bank that would have benefitted the Bank’s creditors had he not done so. Mr. Baranauskas has 30 days to appeal against this decision. Should he choose not to appeal, or it is unsuccessful, the Bankruptcy Administrator will seek recovery of the EUR 1.35 million for the benefit of the creditors.